Baird’s 2013 Net Revenues Top $1 Billion
Client assets grew to more than $100 billion
MILWAUKEE, April 7, 2014
Paul E. Purcell
Baird announced today that it posted record net revenues of $1.1 billion in 2013, up 11% from $961 million in 2012. Operating income totaled a record $117 million, up 17% from a year ago, and the firm’s 2013 return on equity rose to more than 15%. Baird’s assets in client accounts surpassed $100 billion and grew to more than $117 billion by year-end. The 2013 results, which are available in the just-released 2013 Baird Annual Report
, mark the employee-owned, international financial services firm’s fourth consecutive year of record revenues.
“Baird’s record financial results and the milestones we surpassed in 2013 are the result of client-focused, strategic initiatives over a number of years to consistently expand our capabilities in each of our businesses,” said Paul E. Purcell
, Baird Chairman & CEO. “Our strong performance is meaningful to us because it reflects the trust our clients place in us to provide them with expert advice that is in their best interests.”
Baird’s platform of five balanced businesses has enabled the firm to produce 137 consecutive quarters of operating profitability. Additionally, in contrast to most of the financial services industry, employment at Baird has increased 22% the past five years.
In 2013, Baird expanded in the following areas:
- Private Wealth Management recruited 44 experienced Financial Advisors and Branch Managers and expanded its branch network to more than 725 Financial Advisors serving clients nationwide from 75 offices.
- Asset Management’s fixed income and equity assets under management grew 15% during the year to $22.7 billion at year-end. The group also added a team that specializes in quantitative equity analysis and expanded its fixed income capacity with a team from a former sub-advisory client.
- Investment Banking hired 20 bankers, increasing its global team to 250 bankers, and set records for the third consecutive year in its equity underwriting activity.
- Fixed Income Capital Markets formed a 35-person team that specializes in sales and trading of high-yield debt and also strengthened its Public Finance team. Its national team of sales, trading and public finance professionals has grown 58% in the past five years to 209 professionals at the end of 2013.
- Baird Capital, our private equity business that has raised and managed $3 billion since inception, strengthened its management process across its global platform to more effectively share knowledge, generate investment and operating ideas, and facilitate deal flow.
“As an independent and employee-owned firm, we have the freedom to make investments in our business that best meet the needs of our clients,” said Steve Booth
, Baird President & COO. “We also have our reputation and capital on the line every day, which makes us mindful that our success depends on our clients’ success.”
To learn more about Baird’s financial performance and other 2013 highlights, please view the Baird 2013 Annual Report
. For additional perspective, watch a video from Paul Purcell and Steve Booth
Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,900 associates serving the needs of individual, corporate, institutional and municipal clients. Baird has more than $100 billion in client assets. Committed to being a great place to work, Baird ranked No. 9 on FORTUNE’s 100 Best Companies to Work For in 2014 – its 11th consecutive year on the list. Baird’s principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird’s investment banking and private equity operations. For more information, please visit Baird’s Web site at rwbaird.com
Financial results do not reflect the consolidation of certain private equity partnerships.