Press Releases
AD & C Investments Purchases 100% Interest in RW Smith
NEWS RELEASE
February 8, 2006
RW Smith today announced that AD&C Investments LLC, a subsidiary of Alasdair Douglas & Co. recently purchased a 100% interest in RW Smith. RW Smith and its Fixed Income operations will form the cornerstones of the operating subsidiaries of Alasdair Douglas & Co. Ms. Paige Pierce will continue in the role of president and chief executive officer. Richard W. Smith will continue as Chairman, with Michelle Heyne acting as Chief Financial Officer.
A highly experienced management team will lead the company. Paige W. Pierce, promoted from chief operating officer in August 2004, will continue as president and chief executive officer. Richard W. Smith, past president and chief executive officer, will act as chairman of RW Smith. Michelle L. Heyne will serve as chief financial officer of RW Smith Together they have a proven track record of leadership and nearly eight decades of industry experience.
“This acquisition positions RW Smith for greater success than could have been achieved alone,” said Richard Smith. “Together ADC Investments LLC and RW Smith will create a strong and resilient business that will be a major industry player over the next few years.”
“The combination of RW Smith and ADC Investments LLC will generate efficiencies that will benefit our dealer client base, shareholders and employees. Both companies are coming together from positions of strength at a time when there are significant opportunities for enhanced future growth,” said Paige Pierce. “We share compatible cultures built on traditions of innovation and competitiveness. Moving forward, we will have the resources to develop and deploy compelling, differentiated services by unleashing the combined strengths of the two companies, each of which is recognized as an innovator.”
Alasdair Douglas & Co. is a financial services holding company incorporated in Delaware, affiliated with the Investors Guaranty Group. The company acquires businesses in the financial services industry that provide niche financial services on a national and international basis. The Company is supported by private capital having a long-term investment perspective.
Alasdair Douglas & Co. is privately-held, primarily by individuals who are recognized innovators in the capital markets, insurance and technology systems. The shareholder group's primary focus and expertise involves investment management, insurance, banking, and financial technology services.