Edward Jones Non-Plussed by A.G. Edwards Acquisition

Top executives at A.G. Edwards’ regional arm, Edward Jones, insist that the privately held company will remain privately held, according to Dow Jones.   “We’ve got every arrow in our quiver that we believe meets the needs of the individual investor,” said Managing Partner Jim Weddle.   St. Louis-based A.G. Edwards last week announced it would be acquired by Wachovia Corp. for $6.8 billion. Weddle insisted his company has not been approached.   “I haven’t been contacted, and I don’t want to be,” Weddle said.   Last year, Edward Jones added about 550 advisers, bringing the nationwide total to about 10,525. Plans for 2007 include another 750 or 800 staff members.   Edward Jones advisers work in offices of one or two in communities around the country. The company prides itself on its neighbor-like image, habit of hiring people entering second careers, and offers of straightforward products, veering away from hedge funds, derivatives and other alternative tools.   Weddle said that the company still attracts a “fair share of high-net-worth clients,” although the target audience is really middle-class Americans.   As for murmurings that Edward Jones might be the next big mergers and acquisitions headline, Weddle insisted he’s not being coy. “When you acquire or merge with somebody, you kind of get a compromise culture,” he said. “People know we’re a private partnership.”   The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.