MINNEAPOLIS Dain Rauscher Corp. acquired Voyageur Asset Management from Dougherty Financial Group.
The price was not disclosed. The deal closed Friday.
Dain Rauscher plans to merge $6 billion-asset Voyageur with Insight Investment Management Inc., Dains $7 billion-asset investment advisory unit. The combined units, which will use the Voyageur name and operate as a division of Dain, will be the industrys 125th-largest measured by assets under management.
The Alabama regional lender says it expects expenses to taper off this year and anticipates challenged loans will gradually rise to historically average levels.
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For the better part of the past decade, the Federal Reserve Board in Washington has played a more active role in presidential searches by regional reserve banks. The shift seems to have made the system more diverse, but some argue it's at the expense of regional bank independence.
