RBC Dain Rauscher is in acquisition mode. The Midwest regional is set to purchase New Jersey-based J.B. Hanauer, an employee-owned firm with $10 billion in assets under management.
The deal, which is scheduled to be completed in May, will add about 150 advisors from New Jersey, Florida and Pennsylvania, bringing the firm’s total to 1,830 reps. John Taft, CEO of RBC Dain Rauscher, says, “J.B. Hanauer represents a strong strategic and cultural fit for our firm, significantly expanding our presence in New Jersey, Florida and Pennsylvania—all important markets for us.”
In June, Taft told Registered Rep. he was looking to double the firm’s advisor force within five years. (For more on that story, click here.) In 2006, RBC expanded in the U.S. through a number of acquisitions, including Flag Financial Corporation based in Atlanta, Carlin Financial Group of New York, Daniels & Co. of Denver and American Guaranty & Trust of Wilmington, Del.
To read more about the latest deal, click here.