The acquired business has a history dating back to the late 1940s and is based in Pittsburgh.

US wealth management group Baird has agreed to bring Pittsburgh-based Hefren-Tillotson to its embrace for an undisclosed sum. 

Hefren-Tillotson, a privately held firm with more than $18 billion in client assets, offers investment and retirement plan management, financial planning, and other services. The deal is expected to close in June with Hefren-Tillotson being fully integrated into Baird by October, Baird said in a statement yesterday. 

The terms of the deal, which are subject to customary regulatory approvals, were not disclosed.

Established in 1948, Hefren-Tillotson has more than 90 financial advisors operating from six offices in greater Pittsburgh. Baird, which was established in 1919, has more than 1,300 financial advisors in its Private Wealth Management business serving clients coast-to-coast from over 160 locations in 33 states. 

Baird, which oversees more than $400 billion of assets, covers a range of segments: International wealth management, asset management, investment banking/capital markets, and private equity.

Hefren-Tillotson’s leadership team – Kim Tillotson Fleming, chairman and chief executive, Craig Tillotson and Don Belt – will continue in their roles through the merger.

When the merger is complete, Fleming will serve as a vice chair of Baird and as a member of Baird’s executive committee while continuing to serve her clients as a financial advisor. Tillotson will serve as a managing director and branch manager and will continue as a financial advisor. Finally, Belt will become a managing director and director of operations and integration.