RBC Dain Rauscher put the finishing touches on its merger with Tucker Anthony Sutro & Co., creating the nation's ninth largest full-service brokerage firm with 2,100 brokers, the firm announced today.
Peter Armenio, president and COO of RBC Dain Rauscher, called the merger "a new beginning."
"We service clients from coast to coast but our company remains small enough to be nimble in the dynamic financial markets and to attract employees who value a close-knit culture," he said in a statement.
Until today, the four regional brokerage firms merging as one - Boston-based Tucker Anthony, San Francisco-based Sutro & Co., Richmond, VA-based Branch Cabell and RBC Dain Rauscher in Minneapolis -- have shared almost everything but a common name. Now, the four firms who have remarkably similar histories, regional strategies and entrepreneurial brokers, share the same name, as well as a new coast-to-coast strategy.
"This is great for the brokers," says a RBC Dain Rauscher rep in the midwest, referring to the merger. "We're a bigger, more powerful company with more resources, and we'll be more capable of competing with some of the heavyweights."
In the months since the merger was first announced, "I've already seen major changes -- all positive," says another RBC Dain Rauscher producer. "This puts us on the map."
The Tucker Anthony Sutro brokerage offices will begin placing new signage on its buildings, a key milestone of the integration of the firms.
"Things like new signage and client statements are an important part of marketing the RBC Dain Rauscher brand in our new markets," Charley Grose, president of firm's private client group, said in a statement.