Deals & People June 23, 2008

RBC Acquires Ferris, Baker Watts, Incorporated

Royal Bank of Canada completed the acquisition of broker/dealer Ferris, Baker Watts, Incorporated (FBW), the company said.

Reported by

Ellie Behling

Washington, D.C.-based FBW has 42 branch offices in eight states and the District of Columbia, and approximately $19 billion in assets under administration. The firm will become part of RBC Wealth Management, U.S. Division.

RBC said the acquisition enhances its mid-Atlantic presence as part of its national wealth management network in the U.S.

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“FBW enhances our wealth management presence in a key region of the country and adds more than 300 experienced, professional financial consultants who have a strong customer service culture that mirrors our own,” said John Taft, head, RBC Wealth Management, U.S. Division, in a release.

Earlier this year, RBC Dain Rauscher changed its name to RBC Wealth Management as part of RBC’s (Royal Bank of Canada) global brand strategy (see RBC Dain Rauscher integrates B/D, Changes Name)

Deals & People June 23, 2008

Arthur J. Gallagher&Co. Acquires the Lance Group

Arthur J. Gallagher&Co. acquired employee benefit broker The Lance Group, LLC, the company announced.

Reported by

Ellie Behling

Scott Lance and his associates will continue to operate in their current location of Marlton, New Jersey, under the direction of David Ziegler, eastern regional executive vice president of Gallagher’s employee benefit consulting and brokerage operations, Gallagher said.

The Lance Group, founded in 2002, offers employee benefit consulting and brokerage services, including plan analysis and design, cost containment strategies, and administrative and claims assistance, to their clients in the eastern United States. They specialize in the public sector industry including school boards, municipalities, and public authorities.

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Gallagher, an insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, and does business in more than 100 countries through a network of correspondent brokers and consultants.

“The Lance Group’s depth of public entity experience will be a wonderful complement to our company’s niche strategy,’ said J. Patrick Gallagher, Jr., chairman, president, and CEO at Gallagher. “They also bring with them a teamwork philosophy and client dedication that will fit well within our employee benefit consulting and brokerage division.’