Tucker Anthony was an independent investment banking and

brokerage firm A broker is a person or entity that arranges transactions between a Purchasing, buyer and a sales, seller. This may be done for a commission (remuneration), commission when the deal is executed. A broker who also acts as a seller or as a buyer b ...

based in

Boston, Massachusetts Boston is the capital and most populous city in the Commonwealth (U.S. state), Commonwealth of Massachusetts in the United States. The city serves as the cultural and Financial centre, financial center of New England, a region of the Northeas ...

. In 2001, the firm was acquired by

Royal Bank of Canada Royal Bank of Canada (RBC; ) is a Canadian multinational Financial institution, financial services company and the Big Five (banks), largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than ...

and was then merged with the bank's

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. In 2000, Dain Rauscher Wessels was ...

subsidiary to create RBC Dain Rauscher.

Overview

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 Massachusetts ( ; ), officially the Commonwealth of Massachusetts, is a U.S. state, state in the New England region of the Northeastern United States. It borders the Atlantic Ocean and the Gulf of Maine to its east, Connecticut and Rhode ...

, Pennsylvania and

Virginia Virginia, officially the Commonwealth of Virginia, is a U.S. state, state in the Southeastern United States, Southeastern and Mid-Atlantic (United States), Mid-Atlantic regions of the United States between the East Coast of the United States ...

as well as a strong presence in

California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

.Royal Bank of Canada Agrees to Acquire Tucker Anthony: Highlights for the Investor Community
RBC Investor Presentation, August 1, 2001

History

The firm was founded in 1892 as Tucker & Anthony Bankers by

William Austin Tucker William Austin Tucker (February 3, 1850 – October 25, 1931) was an American banker and founder of Tucker, Anthony & Co.. Early life Tucker was born in Boston, Massachusetts on February 3, 1850. He was the son of Rebecca ( Chamberlin) Tucker and ...

and S. Reed Anthony with offices at 50 State Street. 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 John Hancock Life Insurance Company, U.S.A. is a Boston-based insurance company. Established April 21, 1862, it was named in honor of John Hancock, a prominent American Patriot. In 2004, Canadian multinational life insurance company Manulife F ...

. During its ownership by John Hancock, the firm was operated as a division of John Hancock Freedom Securities Corporation, a holding company that also owned Sutro & Company, a San-Francisco investment management and brokerage firm founded in 1858. In 1996, the management of the firm led a

leveraged buyout A leveraged buyout (LBO) is the acquisition of a company using a significant proportion of borrowed money (Leverage (finance), leverage) to fund the acquisition with the remainder of the purchase price funded with private equity. The assets of t ...

of what was then known as Tucker Anthony Sutro from John Hancock with the support of the

private equity Private equity (PE) is stock in a private company that does not offer stock to the general public; instead it is offered to specialized investment funds and limited partnerships that take an active role in the management and structuring of the co ...

firm

Thomas H. Lee Partners Thomas H. Lee Partners, L.P. is an American private equity firm headquartered in Boston. The firm focuses on investing in middle market growth companies across various sectors, including financial technology, services, healthcare, technology, ...

. In 1998, Tucker Anthony completed a $120 million

IPO An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

, 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

and merged with the Canadian bank's recently acquired subsidiary

.ROYAL BANK OF CANADA IS BUYING TUCKER ANTHONY SUTRO
New York Times, August 2, 2001 Tucker Anthony was the predecessor of

TA Associates TA Associates Management, L.P. is an American private equity firm and was one of the early modern-era private equity firms in the United States. The firm leads buyouts and minority recapitalizations of profitable growth companies. TA invests acros ...

, the private equity firm which was established in 1968 and spun-out in 1978.

References

External links

Forexswap HomepageASIC Mining Machines
{{Royal Bank of Canada Brokerage firms Royal Bank of Canada Private equity portfolio companies 1892 establishments in Massachusetts 2001 disestablishments in Massachusetts Financial services companies established in 1892 Financial services companies disestablished in 2001 Defunct financial services companies of the United States Former investment banks of the United States