MINNEAPOLIS - RBC Dain Rauscher Inc. said Thursday that it had agreed to acquire First Institutional Securities LLC, a privately held investment banking firm in West Paterson, N.J.
The price was not disclosed.
The deal is expected to close early next year. RBC Dain Rauscher, the investment banking and securities unit of Royal Bank of Canada, plans to keep First Institutional's 90 employees, including top executives, 25 fixed-income brokers, and 16 retail brokers, all of whom work in West Paterson. RBC Dain Rauscher already has about 2,000 brokers in the United States, including 187 in New Jersey and the New York metropolitan area, most of whom joined the firm through its 2001 acquisition of Tucker Anthony Sutro of Boston.
The First Institutional purchase would give RBC Dain Rauscher another 4,000 high-net-worth individual clients and 600 institutional clients, primarily banks and thrifts.
