Dain Rauscher Wessels
Encyclopedia
Dain Rauscher Wessels was a brokerage and investment banking
firm based in Minneapolis, Minnesota
. The firm traced its origins to a number of smaller regional securities firms founded in the 1920s and 1930s.
In 2000, Dain Rauscher Wessels was acquired by Royal Bank of Canada
and operated as a subsidiary under the name RBC Dain Rauscher. In 2008, RBC ended the usage of the Dain Rauscher brand.
and other major securities exchanges, as well as the Securities Investor Protection Corp. The company was previously traded on the NYSE under the symbol DRC.
and into the 1940s. By the late 1950s, J.M. Dain had grown to 75 employees across eight offices.
Wheelock Whitney, was named the head of Dain in 1963 and steered the firm through aggressive growth in the 1960s leading to its initial public offering in 1972. In 1967, Dain merged with Kalman & Co. and then Quail & Co. creating Dain, Kalman & Quail, Inc. with 17 offices across the upper-midwestern U.S. It was also at this point that the Rand Tower
in Minneapolis was renamed the Dain Tower. Dain also acquired a number of regional brokerages including J. Cliff Rahal & Co. (1969), Platt, Tschudy & Co. (1970), Woodward-Elwood (1972) and Ralph W. Davis & Co. (1972). In 1972, Dain was listed on the New York Stock Exchange
.
, Inter-Regional Financial Group was formed to hold the two businesses as separate entities. In 1979, management decided to merge the two businesses creating one of the leading brokerage firms in the midwest, under the brand Dain Bosworth.
In 1981, Inter-Regional Financial Group acquired Rauscher Pierce Refsnes, which at the time was the largest brokerage firm in Texas. Rauscher was established in 1933 as a spinout from the Mercantile National Bank, based in Dallas. After the acquisition of Rauscher Pierce, the business continued to operate under its own brand until the mid-1990s.
In 1998, Dain Rauscher acquired the investment banking firm Wessels, Arnold & Henderson and restructured its Equity Capital Markets unit to become Dain Rauscher Wessels.
Dain Rauscher was acquired by the Royal Bank of Canada
in 2000. Shortly after the acquisition of Dain Rauscher, Royal Bank of Canada acquired Tucker Anthony Sutro, an independent brokerage and asset management firm, formed from the combination of Tucker Anthony
, a Boston-based firm founded in 1892 and Sutro & Co., a San Francisco based firm founded in 1858. The Tucker Anthony and Sutro branches were integrated into RBC Dain Rauscher in 2002. In 2007, RBC Dain Rauscher acquired J. B. Hanauer
, a brokerage firm founded in 1931.
While the Dain Rauscher name was initially used in a number of RBC businesses after the acquisition, the brand was slowly phased out over time. In 2008, RBC dropped the remaining usage of the Dain Rauscher brand.
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
firm based in Minneapolis, Minnesota
Minneapolis, Minnesota
Minneapolis , nicknamed "City of Lakes" and the "Mill City," is the county seat of Hennepin County, the largest city in the U.S. state of Minnesota, and the 48th largest in the United States...
. The firm traced its origins to a number of smaller regional securities firms founded in the 1920s and 1930s.
In 2000, Dain Rauscher Wessels was acquired by Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
and operated as a subsidiary under the name RBC Dain Rauscher. In 2008, RBC ended the usage of the Dain Rauscher brand.
The company
Dain Rauscher Wessels was one of the nation’s largest full-service securities firms with 1,300 private client and institutional investment executives, 3,600 employees and 1998 revenues of more than $740 million. The company serviced individual retail investors primarily in the western U.S., and capital markets and correspondent clients in select markets throughout the nation. The company’s broker-dealer was a member of the New York Stock ExchangeNew York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
and other major securities exchanges, as well as the Securities Investor Protection Corp. The company was previously traded on the NYSE under the symbol DRC.
Early history
In 1929, J.M. Dain founded J.M. Dain & Co., which would form the core of what would become Dain Rauscher Wessels, in Minneapolis. Dain had moved to Minneapolis in 1922 to represent a Chicago investment firm but by 1929 had decided to start his own firm. However, with the stock market crash of 1929, Merrill Cohen took control of Dain & Co. in 1933 and helped steer it through the Great DepressionGreat Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s...
and into the 1940s. By the late 1950s, J.M. Dain had grown to 75 employees across eight offices.
Wheelock Whitney, was named the head of Dain in 1963 and steered the firm through aggressive growth in the 1960s leading to its initial public offering in 1972. In 1967, Dain merged with Kalman & Co. and then Quail & Co. creating Dain, Kalman & Quail, Inc. with 17 offices across the upper-midwestern U.S. It was also at this point that the Rand Tower
Rand Tower
Rand Tower is a 26-story skyscraper in Minneapolis, Minnesota, USA that was one of the city's tallest structures when it was completed in 1929. It was designed by Holabird & Root for Rufus R. Rand, Jr., a World War I aviator who was part of the family that owned the Minneapolis Gas Company , now...
in Minneapolis was renamed the Dain Tower. Dain also acquired a number of regional brokerages including J. Cliff Rahal & Co. (1969), Platt, Tschudy & Co. (1970), Woodward-Elwood (1972) and Ralph W. Davis & Co. (1972). In 1972, Dain was listed on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
Dain Bosworth and Inter-Regional Financial Group
In 1973, Dain, Kalman & Quail merged with Bosworth, Sullivan & Co., which itself was created through the merger of Bosworth, Chanute, Loughridge & Co. and Sullivan & Co. Following the merger, a new holding companyHolding company
A holding company is a company or firm that owns other companies' outstanding stock. It usually refers to a company which does not produce goods or services itself; rather, its purpose is to own shares of other companies. Holding companies allow the reduction of risk for the owners and can allow...
, Inter-Regional Financial Group was formed to hold the two businesses as separate entities. In 1979, management decided to merge the two businesses creating one of the leading brokerage firms in the midwest, under the brand Dain Bosworth.
In 1981, Inter-Regional Financial Group acquired Rauscher Pierce Refsnes, which at the time was the largest brokerage firm in Texas. Rauscher was established in 1933 as a spinout from the Mercantile National Bank, based in Dallas. After the acquisition of Rauscher Pierce, the business continued to operate under its own brand until the mid-1990s.
Dain Rauscher Wessels and the acquisition by Royal Bank of Canada
In 1997, Dain Rauscher, was formed from the merger of Dain Bosworth and Rauscher Pierce Refsnes Inc., both of which were owned by Interra Financial Inc. The combined firm had more than 1,200 brokers and institutional salespeople, focused primarily on the midwestern United States.In 1998, Dain Rauscher acquired the investment banking firm Wessels, Arnold & Henderson and restructured its Equity Capital Markets unit to become Dain Rauscher Wessels.
Dain Rauscher was acquired by the Royal Bank of Canada
Royal Bank of Canada
The Royal Bank of Canada or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,100 employees worldwide. The company corporate headquarters are located in Toronto,...
in 2000. Shortly after the acquisition of Dain Rauscher, Royal Bank of Canada acquired Tucker Anthony Sutro, an independent brokerage and asset management firm, formed from the combination of Tucker Anthony
Tucker Anthony
Tucker Anthony was an independent investment banking and brokerage firm based in Boston, Massachusetts. In 2001, the firm was acquired by Royal Bank of Canada and was merged with the bank's Dain Rauscher Wessels subsidiary to create RBC Dain Rauscher....
, a Boston-based firm founded in 1892 and Sutro & Co., a San Francisco based firm founded in 1858. The Tucker Anthony and Sutro branches were integrated into RBC Dain Rauscher in 2002. In 2007, RBC Dain Rauscher acquired J. B. Hanauer
J. B. Hanauer
J.B. Hanauer, a wealth management firm established in 1931 and based in Parsippany, New Jersey, was bought out by RBC Dain Rauscher in March 2007. RBC Dain Rauscher changed its name to RBC Wealth Management in October 2009....
, a brokerage firm founded in 1931.
While the Dain Rauscher name was initially used in a number of RBC businesses after the acquisition, the brand was slowly phased out over time. In 2008, RBC dropped the remaining usage of the Dain Rauscher brand.