Thursday, October 18 , 2018, 10:05 am | Fair 62º

 
 
 
 

D.A. Davidson & Co. to Merge with Crowell, Weedon & Co.

D.A. Davidson & Co. has entered into an agreement to merge with Crowell, Weedon & Co., a full-service brokerage and money management firm based in Los Angeles with an office in Santa Barbara.

The transaction provides benefits for clients and employees of both firms while expanding the footprint of D.A. Davidson’s Individual Investor Group into California.

“This transaction marks D.A. Davidson’s largest partnership to date, and is a great fit given the individual investor focus and complementary geographies and cultures of our businesses,” said Bill Johnstone, chairman and CEO of Davidson Companies, the parent company to D.A. Davidson. “Aligning Davidson with such a well-respected firm allows us to build on the strengths and reputations of both companies and makes sense for clients, shareholders and employees.”

The combination will create the largest full-service independent broker-dealer headquartered in the Western United States based on number of financial consultants and will provide Crowell Weedon clients with access to a broader array of financial services and products.

As a testament to their similar cultures and commitment to client service, Crowell Weedon’s leadership will integrate into the D.A. Davidson management structure to ensure continuity for clients as well as employees and partners.

“We are pleased to join with D.A. Davidson, a company whose investment philosophy, culture and company history mirror our own,” said Andrew Crowell, president and CEO of Crowell Weedon. “Making this transition seamless for our clients is our top priority. We are proud to be able to offer Crowell Weedon’s investment professionals and clients the enhanced financial planning and investment solutions that will result.”

Upon completion of the transaction, Crowell Weedon will continue to operate from its existing Southern California offices as Crowell Weedon, a Division of D.A. Davidson. Andrew Crowell will continue to manage the division and report to Jim Kerr, president of Davidson Companies. The merger provides clients with access to a deeper inventory of professional services, research, and equity and fixed income capital markets product offerings, and creates benefits of scale.

Crowell Weedon will be part of D.A. Davidson’s Individual Investor Group, which provides an array of financial services and investment solutions to individual investors, families, businesses and nonprofit organizations. With Crowell Weedon, the Individual Investor Group will have roughly 465 financial consultants. The Individual Investor Group is the largest business unit within D.A. Davidson, which also provides equity and fixed income capital markets services and products. Additionally, through D.A. Davidson’s sister companies, clients have access to asset management and trust services.

Combining D.A. Davidson and Crowell Weedon represents the next step in the strategic growth of Davidson Companies in California. It follows the acquisition in 2012 of McGladrey Capital Markets, a Costa Mesa-based boutique investment banking firm. Additionally, Davidson Companies already operates offices in Pasadena and San Francisco.

D.A. Davidson is headquartered in Great Falls, Mont., with regional hub operations also in Denver, Portland and Seattle. The addition of Crowell Weedon provides the firm with a fifth regional hub in Los Angeles.

The transaction is expected to close by July 1, subject to regulatory approvals and customary closing conditions.

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