Tucker Anthony
Encyclopedia
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.
At the time of its acquisition, Tucker Anthony was 14th largest brokerage firm in the U.S. with 990 account executives working from more than 80 offices across the country. The firm had a particular presence in the Northeast and Mid-Atlantic including New York, Massachusetts, Pennsylvania and Virginia as well as a strong presence in California.
. Other early partners included Phillip L. Saltonstall, Nathan Anthony and Chauncey Eldridge.
In 1942, the firm merged with Burr, Gannett & Co., an old Boston-based firm.
In 1956, Tucker Anthony merged with R.L. Day & Co.
In 1982, the firm was acquired by John Hancock Financial. During its ownership by John Hancock, the firm was operated as a a division of John Hancock Freedom Securities Corporation, a holding company that also owned Sutro & Company, an investment management and brokerage firm founded in 1858 and based in San Francisco. In 1996, the management of the firm led a leveraged buyout
of what was then known as Tucker Anthony Sutro from John Hancock with the support of the private equity
firm Thomas H. Lee Partners
. In 1998, Tucker Anthony completed a $120 million IPO
, going public on the New York Stock Exchange.
In 2001, after operating as an independent firm for five years, the firm was acquired sold to the Royal Bank of Canada
and merged with the Canadian bank's recently acquired subsidiary Dain Rauscher Wessels
.
Tucker Anthony was the predecessor of TA Associates
, the private equity firm which was established in 1968 and spun-out in 1978.
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 was merged with the bank's Dain Rauscher Wessels
Dain Rauscher Wessels
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....
subsidiary to create RBC Dain Rauscher.
At the time of its acquisition, Tucker Anthony was 14th largest brokerage firm in the U.S. with 990 account executives working from more than 80 offices across the country. The firm had a particular presence in the Northeast and Mid-Atlantic including New York, Massachusetts, Pennsylvania and Virginia as well as a strong presence in California.
History
The firm was founded in 1892 as Tucker & Anthony Bankers by William A. Tucker and S. Reed Anthony with offices at 50 State StreetState Street (Boston)
State Street is a major street in the financial district in Boston, Massachusetts and is one of the oldest streets in the city. The street is the site of some historic landmarks. The Faneuil Hall Marketplace can also be found nearby...
. Other early partners included Phillip L. Saltonstall, Nathan Anthony and Chauncey Eldridge.
In 1942, the firm merged with Burr, Gannett & Co., an old Boston-based firm.
In 1956, Tucker Anthony merged with R.L. Day & Co.
In 1982, the firm was acquired by John Hancock Financial. During its ownership by John Hancock, the firm was operated as a a division of John Hancock Freedom Securities Corporation, a holding company that also owned Sutro & Company, an investment management and brokerage firm founded in 1858 and based in San Francisco. In 1996, the management of the firm led a leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
of what was then known as Tucker Anthony Sutro from John Hancock with the support of the private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
firm Thomas H. Lee Partners
Thomas H. Lee Partners
Thomas H. Lee Partners is a private equity firm based in Boston, Massachusetts specializing in leveraged buyouts, growth capital, special situations, industry consolidations, and recapitalizations....
. In 1998, Tucker Anthony completed a $120 million IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
, going public on the New York Stock Exchange.
In 2001, after operating as an independent firm for five years, the firm was acquired sold to 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,...
and merged with the Canadian bank's recently acquired subsidiary Dain Rauscher Wessels
Dain Rauscher Wessels
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....
.
Tucker Anthony was the predecessor of TA Associates
TA Associates
TA Associates, founded in 1968, is one of the oldest private equity firms in the United States. The firm employs a hybrid strategy making growth capital investments in developing companies and acquiring mature companies through leveraged buyout and recapitalization transactions...
, the private equity firm which was established in 1968 and spun-out in 1978.