Milwaukee-based Baird plans to acquire Hefren-Tillotson, a Pittsburgh-based wealth management firm with more than $18 billion in client assets.

Steve Booth, chairman, president and chief executive officer of Baird, said the firm has known and had “the highest regard” for Hefren-Tillotson for years.

“Not only do the have a stellar reputation, but the similarities between our two firms are remarkable – a strong, client-first culture and business model, a commitment to being a great place to work, and a tradition of giving back to the community,” Booth said. “Hefren-Tillotson is an incredibly high-caliber firm, and we are looking forward to continuing our partnership long into the future.”

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