Dain Rauscher continued its recent streak of acquisitions in February, announcing plans to acquire Ferris, Baker, Watts (FWB), a full-service broker/dealer in Washington D.C. The acquisition strategy is part of an effort by Canadian parent Royal Bank of Canada to build a bigger presence in the lucrative U.S. wealth-management market.
The acquisition, to be completed mid-year, adds an additional 330 advisors and $18.5 billion in assets under management to Dain, the Royal Bank of Canada's U.S. wealth-management arm.
The deal marks one of several acquisitions for RBC Dain in the last year. In 2006, RBC Dain expanded in the U.S. through a number of purchases including: Flag Financial Corporation of Atlanta; Carlin Financial Group of New York; Daniels & Co. of Denver; and American Guaranty & Trust of Wilmington, Del. And in March 2007, the firm expanded its presence on the east coast with the acquisition of Parsippany, N.J.-based J.B. Hanauer, a privately-held, employee-owned financial-services firm specializing in retail fixed-income and wealth-management services. The purchase added about 150 reps, some $10 billion in client assets, and a greater presence in New Jersey, Pennsylvania and Florida, where J.B. Hanauer houses its five offices.