Dain Rauscher Wessels
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| Acquired | |
| Industry | Investment bank, Brokerage |
| Fate | Acquired by Royal Bank of Canada |
| Successor | RBC Dain Rauscher (2000-2008), RBC Wealth Management (2008 - present) |
| Founded | 1929 |
| Headquarters | Minneapolis, Minnesota |
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. It is now known as RBC Wealth Management.
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 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.
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 , Merrill Cohen took control of Dain & Co. in 1933 and helped steer it through the Great Depression 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 .
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 company, 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.
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