Tennessee-headquartered Wunderlich Securities has bought wealth management assets from the New York-based investment firm Dominick & Dominick.

Tennessee-headquartered Wunderlich Securities has bought wealth management assets from the New York-based investment firm Dominick & Dominick for an undisclosed amount.

Wunderlich now has more than $10 billion in client assets under administration and 600 associates in 33 offices across 18 states. Some 150 Wunderlich associates are based in the New York area - the largest concentration in the firm's footprint.

"Through this combination, our firm has grown by approximately 20 per cent, adding 43 financial advisors and more than $2 billion in client assets. Looking forward, we are excited about the opportunity to further expand our presence in New York, Miami and Atlanta,” said Gary Wunderlich, chief executive at Wunderlich.

Dominick & Dominick will operate as a division of Wunderlich Wealth Management, the firm's private client group.

Robert Reilly, who was chief operating officer at D&D, has joined Wunderlich as a senior managing director and regional manager for New York, Atlanta and Miami.

Kevin McKay, previously D&D's CEO, has been named as general counsel of Wunderlich Securities while Michael Campbell - former D&D chairman - will join the Wunderlich Securities board of directors, both in New York.

Founded in 1870, Dominick & Dominick is a historic name on Wall Street and one of the early firms to join the NYSE, Wunderlich said.