D.A. Davidson to Merge With SMITH HAYES Companies
Crowell, Weedon & Co. to Re-Brand Under D.A. Davidson Name
D.A. Davidson to Name Vice Chairs to Individual Investor Group
D.A. Davidson & Co., an employee-owned full-service investment firm, today announced it has agreed to merge with SMITH HAYES Companies, a Lincoln, Neb. based firm with roughly $4 billion in assets under management and administration and additional offices in Omaha and Columbus. This merger broadens D.A. Davidson’s strong presence in Nebraska, building on SMITH HAYES’ reputation as a trusted advisor in the region for 30 years. D.A. Davidson also announced that Crowell, Weedon & Co., which merged with D.A. Davidson in 2013 and manages roughly $8 billion in client assets, will assume the D.A. Davidson name while maintaining its strong roots in Southern California. Both businesses will fall under D.A. Davidson’s Individual Investor Group.
“We are proud to brand two market leaders with close community ties under the D.A. Davidson name. Both SMITH HAYES and Crowell, Weedon & Co. have extremely deep roots and long track records of serving their communities,” said Jim Kerr, President and Chief Executive Officer of D.A. Davidson & Co. “We are eager to reach our full potential in the Nebraska and California markets with greater resources and a consistent brand in those regions.”
SMITH HAYES and Crowell, Weedon & Co. provide financial advisory services to clients in and around their respective regions. Tom Smith, Chairman of SMITH HAYES, will become a Vice Chairman of D.A. Davidson’s Individual Investor Group upon closing and Andrew Crowell, President of Crowell, Weedon & Co., will become Vice Chairman of D.A. Davidson’s Individual Investor Group, effective immediately. Both executives will retain key responsibilities in their respective regions while taking on larger roles within D.A. Davidson. Additionally, John Decker, President and Chief Executive Officer of SMITH HAYES, will be responsible for overseeing all Nebraska operations for D.A. Davidson’s Individual Investor Group upon the close of the transaction.
“As a founder of SMITH HAYES, I am proud that we are joining forces with a firm whose reputation and market leadership so closely aligns with our own,” said Smith, who will also join the D.A. Davidson Companies board of directors upon completion of the transaction. “These combined teams will provide clients with a broader offering of services. I look forward to sharing my industry knowledge with D.A. Davidson’s Individual Investor Group within these key markets as well as nationally.” The transaction, which is subject to customary closing conditions, is expected to be completed in the first half of 2016.
“Crowell, Weedon & Co. has been a staple in the southern California community for nearly a century. We are proud to have partnered with another firm that has the same commitment to clients and community – and a track record of over 80 years of excellence,” said Crowell. “Operating under the D.A. Davidson name will underscore the additional depth and breadth of expertise available to our clients as a result of the 2013 merger.”
As a result of the SMITH HAYES transaction, the Individual Investor Group’s total assets under management and administration will be nearly $40 billion.
About D.A. Davidson Companies
Employee-owned D.A. Davidson Companies is a financial services holding company offering a range of financial services and products to individual investors, families, businesses and municipalities nationwide. Founded 80 years ago, the company has more than 1,300 employees. D.A. Davidson Companies is headquartered in Great Falls, Montana, with major business hubs also in Denver, Los Angeles, Portland and Seattle.
D.A. Davidson Companies’ largest subsidiary, D.A. Davidson & Co., is the largest full-service investment firm headquartered in the Northwest, and provides wealth management advice and services for investors and offers equity and fixed income capital markets services and advice. D.A. Davidson Companies also operates Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For information, visit www.dadavidson.com or Twitter: @DADavidsonCo.
About SMITH HAYES Companies
SMITH HAYES Companies is a financial services holding company and through its two subsidiaries, the firm provides asset management services to institutions, wealth management services to individuals, as well as retirement plan consulting and investment banking services to municipal and corporate clients. Founded in 1985 by Thomas C. Smith and Thomas D. Hayes, SMITH HAYES is an employee-owned firm that serves clients based on five core principles, including partnership, communication, education, solutions and trust.
SMITH HAYES has office locations in Lincoln, Omaha and Columbus. SMITH HAYES Financial Services Corporation (Member FINRA/SIPC), a wholly owned subsidiary of SMITH HAYES Companies, is a full service broker-dealer and is licensed to do business in all 50 states. SMITH HAYES Advisers, Inc. (“SHAI”) is a registered investment adviser, and is a wholly owned subsidiary of SMITH HAYES Companies.