RICHMOND, Va., Aug. 10 /PRNewswire/ -- RiverFront Investment Group, LLC, a Richmond Virginia-based registered investment advisor, announced today that its assets under management now exceed $1 billion.

In April of last year, Michael Jones, Rod Smyth, and Doug Sandler left Wachovia Securities to join Pete Quinn, also formerly of Wachovia Securities, in launching RiverFront Investment Group. Last June, ten of their former colleagues joined the firm, completing their initial staffing plans. Since that time, RiverFront's assets have grown from less than $2 million to over $1 billion. RiverFront net flows exceeded $500 million in the first six months of 2009 as a number of national and regional financial services firms added RiverFront to their advisory platforms.

"RiverFront's vision is to continue building a special kind of money management firm," said Michael Jones, Chairman and Chief Investment Officer at RiverFront Investment Group, "one that is focused on providing leading edge separate account and mutual fund portfolio solutions for professional financial advisors to use to help clients achieve their life goals. It's especially gratifying to experience this growth in a time of such economic uncertainty."

"Last year we had the opportunity to partner with this exceptional group of professionals," said Paul Purcell, Chairman, President and CEO of Robert W. Baird & Co., one of RiverFront's strategic partners and a minority investor. "We could not be more pleased with the progress we have made this year. RiverFront's success is a tangible example of Baird's motto 'Great outcomes. Done well.'"

George Raffa, National Sales Manager for Raymond James Asset Management Services added his congratulations. "Last summer we added their portfolios to our advisory services platform and since that time, RiverFront has become a valued partner. The transparency they provide into their investment process and portfolios is unique. We wish them continued success."

To meet the needs of their partner firms, RiverFront offers a series of diversified portfolios that use broad mandates to invest across multiple asset classes. They use a combination of value and momentum to adjust the portfolios' asset allocation over time. "Our investment philosophy and process give us the flexibility to adapt our asset allocation strategies to the changing market environment," Jones went on to say. "In our view, today's volatile markets demand it."

In addition to their portfolio offerings, RiverFront, also known as the Asset Manager with Glass Walls((R)), publishes weekly commentaries that outline their investment views. These commentaries are available through selected financial services firms as well as at RiverFront's public website, www.riverfrontig.com.

About RiverFront

RiverFront Investment Group, LLC, an independent SEC-registered investment advisor located in Richmond, Virginia, manages in excess of $1 billion in a series of separate account and mutual fund portfolios. Majority owned by its employees, the firm provides asset management, investment advice, and leading edge market insights to a select group of premier financial services firms. RiverFront's minority investors include Robert W. Baird & Co. (Baird) and Private Advisors, LLC.

About Baird

Baird is an employee-owned, international wealth management, capital markets, private equity and asset management firm with offices in the United States, Europe and Asia. Established in 1919, Baird has more than 2,400 associates serving the needs of individual, corporate, institutional and municipal clients. Baird oversees and manages client assets of more than $66 billion. Committed to being a great place to work, Baird ranked number 14 on FORTUNE's "100 Best Companies to Work For" in 2009 - its sixth consecutive year on the list. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the United States and Robert W. Baird Group Ltd. in Europe. Baird also has an operating subsidiary in Asia supporting Baird's private equity operations. For more information, please visit Baird's Web site at www.rwbaird.com.

About Raymond James

Raymond James Financial (NYSE: RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 5,000 financial advisors serving 1.8 million accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $173 billion, of which approximately $26 billion are managed by the firm's asset management subsidiaries. For more information please visit Raymond James' Web site at www.raymondjames.com

SOURCE RiverFront Investment Group, LLC