D.A. Davidson in deal for Crowell Weedon

D.A. Davidson & Co., a full-service investment firm based in Great Falls, Mont., is acquiring Crowell Weedon & Co., a Los Angeles-based brokerage and money management firm. The combination will create the largest full-service independent broker-dealer based in the Western U.S., according to the firm. “We bring different products and services to the table than Crowell does, and the combined balance sheets of both companies will offer comfort for clients of both firms,” said Jim Kerr, president of Davidson Cos., in an interview. “This is about scale and growth. It's an opportunity from a balance sheet and earnings perspective that will help the entire organization.” The deal for Crowell marks the fourth acquisition for Davidson since 2009. It acquired Ruan Securities in 2009, and McGladrey Capital Markets and SeaCap Investment Advisers last year. Terms of the deal, which is expected to close by July 1, were not disclosed. Andrew Crowell, who will become a member of the board, said the merger offers a big opportunity for organic growth. “Davidson now has 14 retail offices in the California market, and we now have a deeper tool chest from which to offer solutions to our clients,” he said. Davidson Cos., which operates several subsidiaries offering asset and wealth management services, has $34.5 billion in assets under administration. Crowell Weedon has 145 financial advisers and $9 billion in assets under management and administration. It will become part of D.A. Davidson's individual-investor  group, giving the combined companies roughly 465 financial advisers. Mr.Crowell, who is chief executive of Crowell Weedon, and other senior executives at the firm will continue to manage the business as a division of D.A. He will report to Mr. Kerr. D.A. Davidson also provides capital markets services for business clients and nonprofit organizations, as well as asset management and trust services for individuals.