MEMPHIS, TENN., Oct. 1, 2014 (GLOBE NEWSWIRE) -- Wunderlich Securities, a leading full-service investment firm headquartered in Memphis, today announced a definitive agreement to acquire the wealth management assets of Dominick & Dominick LLC, a privately-held investment firm based in New York, NY. Upon closing, the combined firm is projected to have nearly 600 associates in 32 offices across 17 states with more than $10 billion in client assets.
"For more than a century, Dominick & Dominick has been a fixture in the financial services industry. The opportunity to join forces with this venerable firm is an ideal fit with our growth objectives," said Gary Wunderlich, CEO of Wunderlich Securities. "Our firms share a common focus on building long-lasting relationships with our clients and among our colleagues, and we look forward to welcoming the team to our Wunderlich family."
Dominick & Dominick LLC (D &D), founded in 1870, is a historic name on Wall Street and one of the early firms to join the NYSE. The firm is headquartered in New York City and operates branch offices in Miami, Atlanta and Basel, Switzerland.
"We were impressed with the broad array of capabilities and expertise available through Wunderlich," said Kevin McKay, CEO of Dominick & Dominick. "Our mission has been to provide clients with the best ideas and guidance available and we believe joining Wunderlich expands our ability to do just that."
Following the acquisition, D &D will operate as Dominick & Dominick, a division of Wunderlich Wealth Management, the firm's private client group. At that time, Kevin McKay will become general counsel of Wunderlich Securities; Michael J. Campbell, chairman, will join the Wunderlich Securities board of directors; and, Robert X. Reilly, COO, will become regional manager of the New York region and oversee Wealth Management offices in New York City, Great Neck, Miami, Atlanta and Basel.
Following the acquisition, approximately 150 Wunderlich associates will be located in the New York area, which will become the largest concentration in the firm's footprint. Wunderlich Wealth Management and Equity Capital Markets operations currently located in midtown will move to D &D's primary office at 150 E. 52nd Street during 2015. Wunderlich Fixed Income Capital Markets sales and trading operations will remain in the Wunderlich downtown location.
The transaction, expected to close in early 2015, is subject to regulatory approval and other customary closing conditions. Terms were not disclosed.
Keefe, Bruyette & Woods, Inc. served as Wunderlich's exclusive financial advisor in the transaction. Baker Donelson served as counsel.
About Wunderlich
Wunderlich Securities provides individuals, corporations and institutional clients with wealth management services, equity research, investment banking, and fixed income sales and trading. Wunderlich has been named among Inc. magazine's fastest growing private companies in America each year from 2010 to 2013. Established in 1996, and headquartered in Memphis, Wunderlich operates through 31 offices in 17 states and has more than 500 associates. For more information, visit our website at www.wunderlichsecurities.com.