B. Riley Financial is buying regional brokerage Wunderlich Securities for $67 million to expand its growing wealth management business, the two companies said last week.
Wunderlich, based in Memphis, Tennessee, has more than 200 financial advisers and approximately $10 billion in assets under administration. The firm's brokerage force operates from 17 states. Wunderlich generated $116.9 million in revenue over the trailing-twelve-month period ending March 31, according to the company.
Raymond James, RBC and Ameriprise were among the industry players to lure away talent from Merrill Lynch.
"In addition to significantly enhancing our wealth management business, Wunderlich's brokerage and research franchises strategically align with our current operations and expand our capabilities with minimal overlap of clients and coverage," Bryant Riley, CEO of B. Riley Financial, said in a statement.
Gary Wunderlich, CEO of his eponymously-named firm, will continue in the role of the chief executive after the acquisition closes. He said that Riley's platform "is highly complementary to our business and will provide our expanded client base with a broader suite of products and services to better meet their financial needs."
The deal is expected to close in June.
B. Riley Financial also operates a broker-dealer, RIA and investment bank, according to the Los Angeles-based firm's website. Last month, the firm said it would purchase investment bank FBR & Co. in a deal valued at $160 million.
