Robert W. Baird & Co. will buy back the 57% stake in the firm currently held by Northwestern Mutual Life Insurance, both firms announced today. Financial terms were not disclosed. Baird associates currently own the remaining 43%, according to a company statement. Northwestern Mutual will retain the option to acquire up to a 7% stake in Baird in the future. The agreement is expected to close in May. Further details were not available by press time.