Voyageur Asset Management will be acquired from Dougherty Financial Group by Dain Rauscher. Terms were not disclosed. Voyageur has $6 billion in assets under management, including $4 billion for U.S. institutional tax-exempt investors, and 50 employees. It will be merged with Dain Rauschers existing money management operation, Insight Investment Management, which manages $7 billion, of which $1 billion is in separate accounts. Insight had $470 million in assets under management for institutional investors as of Dec. 31.
Dain Rauscher officials said in a statement that the new firm will carry the Voyageur name. John Taft, chairman of Voyageur, will become CEO of the combined entity. Tom McGlinch and Charlie Henderson will be chief investment officers for Voyageurs fixed-income and equity businesses. Raye Kanzanbach, Insights CIO, will be Voyageurs senior fixed-income portfolio manager.
Dain Rauscher is being acquired by the Royal Bank of Canada later this year. John Appel, Dain Rauscher vice chairman, said in a statement that the acquisition of Voyageur was part of RBCs asset management growth strategy.