agreed to acquire Minneapolis-based investment advisory company
Voyageur Asset Management
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
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