McAdams Wright Ragen, a Seattle-based investment firm with 180 employees, has agreed to merge into Baird, a financial services company that is based in Milwaukee and has offices in the U.S., Europe and Asia.

McAdams Wright Ragen, founded in 1999, has six offices in Washington state and one in Portland. Its client assets are over $10 billion.

“Their intent is to take this and grow,” CEO Scott McAdams said about his merger partner. “They want to have a good strong presence here.”

Baird, founded by Robert W. Baird in 1919, has more than 2,900 employees and a Portland office for wealth management and public finance, but no operations in Washington state.

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“This is the first acquisition they’ve done since 1999,” which underscores the firms’ similar cultures and business models, said McAdams. The companies are both employee-owned, according to the merger announcement.

McAdams, who will remain with the company, said there may be a few jobs lost in the short term as the firm’s back-office operations are consolidated with Baird’s, “but over a year or two — more people than we started with.”