Dain Rauscher to Acquire Voyageur Asset Management

Dain Rauscher(DRC Quote) agreed to acquire Minneapolis-based investment advisory company Voyageur Asset Management from Dougherty Financial Group.

Financial terms weren't disclosed, but Dain Rauscher said it expects to close the transaction by the end of the year. Voyageur will merge with Dain Rauscher's investment advisory unit Insight Investment Management to create a new firm that will have total assets of almost $13 billion.

In September, Dain Rauscher signed a definitive agreement to be acquired by Royal Bank of Canada(RY Quote) in a $1.46 billion deal.

Shares of Dain Rauscher were recently trading up 38 cents, or 0.4%, to $93.44 on the New York Stock Exchange.