The acquisition of MWR by Baird, which was announced in April and closed last week, means the firm now has over 800 financial advisors spanning 80 offices across 26 states.

MWR was founded in the late 1990s and has six locations in Washington and one in Portland, OR. It was founded after “a wave of consolidation in the late 1990s left few independent, regional financial services firms in the Northwest.”

The move by Baird to buy it adds weight to a wave of M&A activity in recent months and years in the wealth management arena and financial services industry at large.   

The deal has brought over $10 billion to Baird, which was established in 1919 and now counts around $125 billion in client assets and over 3,000 associates working in the US, Europe and Asia.

Baird has seen its private wealth management arm expand significantly in recent years; the firm has hired over 325 financial advisors and branch managers since 2009 and set up shop in cities such as Portland, ME; Charlotte, Raleigh and Winston-Salem, NC; Charleston, SC; Sarasota, FL; Sioux City, IA; Houston and Fort Worth, TX; Denver, CO; Salt Lake City, UT; San Francisco, CA; and Portland, OR.

Last year, MWR and Baird had revenues of $48 million and $1 billion respectively.