AG Edwards Approves Wachovia Acquisition

Matthew Smith

1 October 2007

One of the largest wealth management acquisitions of 2007 in the US was finalised, with shareholders of A.G. Edwards approving Wachovia’s takeover of the company. Wachovia Securities first announced it had acquired the 6,600 advisors of independent brokerage firm A.G. Edwards in May for a reported $6.8 billion. The addition of A.G. Edwards brings the North Carolina bank’s client assets to $1.1 trillion advised by around 15,000 financial advisors. The new brokerage firm is named Wachovia Securities and is based in St Louis, Missouri. Robert Bagby, chairman and chief executive officer at A.G. Edwards said: "We are very pleased to have received such strong support from our stockholders on our merger with Wachovia Corporation.”