"I've had the pleasure of being a mentor, friend and business partner with Steve [Booth] for more than 25 years," said Purcell, in a statement. "For the last several years, we've worked side by side to pursue Baird's most important opportunities and to transition responsibilities. Baird is tremendously well positioned for the future with a fantastic team of leaders and associates. We are in great hands with Steve at the helm."
Purcell adds that he plans to be "an active chairman" and will stay involved in Baird's private equity business.
"Under Paul's leadership, we've focused on best serving our clients in an ever-changing, very competitive landscape," explained Booth, in a press release. "A key part of Paul's legacy is regaining our independence and again becoming an employee-owned firm. Being privately held and associate-owned is our single most important competitive advantage because it enables us to make long-term decisions and investments to serve our clients and to create a great workplace." Baird says its growth strategy has included these developments over the past two decades:
- 1999: Acquisition of London-based Granville, formally establishing Baird's presence in Europe and expanding its global banking, institutional equity sales and private equity capabilities.
- 2000: Addition of Baird Advisors, a highly regarded team of fixed income money managers.
- 2000: Continued expansion of Baird's fixed income sales and trading and public finance businesses.
- Ongoing growth and transformation of Baird's Private Wealth Management business to emphasize holistic wealth management across generations.
- 2003: Addition of a team in Shanghai to support U.S. and U.K. private equity portfolios, followed by the addition of a growth-equity investment team in 2008.
- Ongoing growth of Global Investment Banking and Institutional Equities & Research capabilities.
- 2014: Acquisition of Seattle-based investment firm McAdams Wright Ragen, the single largest investment in Baird's history.
- 2015: Definitive agreement to acquire Chautauqua Capital Management, enabling Baird's equity asset management business to go global for the first time.
The organization expects to post a sixth consecutive year of "record revenues" for 2015. In 2014, its sales were $1.2 billion, up 12% from 2013.
"Baird has been able to achieve sustained success because of our steadfast focus on clients, our employee-owned model, unique culture, tremendous associates and our tradition of strong leadership," added Booth. "I'm both humbled and honored to follow in the footsteps of Baird's iconic leaders."
