Memphis, Tennessee-based Wunderlich Securities (Wunderlich), a full-service investment firm, has recently agreed to acquire the assets of Dominick & Dominick, LLC, which is a privately-held New York investment firm with roots that stretch back to 1870. Established in 1996, Wunderlich offers financial advisory, brokerage, equity research, and investment banking services.
While terms of the transaction were not disclosed, the acquisition is expected to be completed in early 2015. Keefe, Bruyette & Woods, Inc. served as Wunderlich’s exclusive financial advisor and Baker Donelson served as counsel.
Steeped in history, Dominick & Dominick was one of the earlier firms to join the New York Stock Exchange. With its headquarters in New York City, the firm also has offices in Miami, Atlanta and Basel, Switzerland.
“For more than a century, Dominick & Dominick has been a fixture in the financial services industry. The opportunity to join forces with this venerable firm is an ideal fit with our growth objectives,” said Gary Wunderlich, CEO of Wunderlich Securities. He continued, “Our firms share a common focus on building long-lasting relationships with our clients and among our colleagues, and we look forward to welcoming the team to our Wunderlich family.”
Once the acquisition is complete, Dominick & Dominick will continue to operate under the same moniker but as a division of Wunderlich Wealth Management, which is Wunderlich’s private client group.
“We were impressed with the broad array of capabilities and expertise available through Wunderlich,” commented Kevin McKay, CEO of Dominick & Dominick. “Our mission has been to provide clients with the best ideas and guidance available and we believe joining Wunderlich expands our ability to do just that,” he added.
The acquisition will also entail some shifts in management and location. Kevin McKay will become general counsel of Wunderlich Securities; Michael J. Campbell, chairman, will join the board of directors of Wunderlich Securities; and, Robert X. Reilly, COO, will become regional manager of the New York region as well as oversee Wealth Management offices in New York City, Great Neck, Miami, Atlanta, and Basel.
In 2015, Wunderlich Wealth Management and Equity Capital Markets’ operations will move to Dominick & Dominick’s primary office at 150 E. 52nd Street from its current location in midtown, while Wunderlich Fixed Income Capital Markets sales and trading operations will stay in the Wunderlich downtown location.
Together, the two firms are expected to have almost 600 associates in 32 offices across 17 states with over $10 billion in client assets. About 150 Wunderlich associates will be located in the New York area, making it the firm’s largest concentration of associates.