Updated:
D.A. Davidson & Co.
D.A. Davidson & Co. — employee-owned investment bank, asset manager, and wealth manager founded in 1935 in Great Falls, Montana.
D.A. Davidson & Co.
D.A. Davidson & Co. is an SEC-registered investment adviser in Great Falls, MT, registered since 1994. The firm manages $41.8 billion in assets, with $38.3 billion on a discretionary basis. It has 990 employees and 410 investment advisers.
General information
Firm type
Asset Manager
Year founded
1935
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Great Falls
Corporate office
Great Falls, MT, United States
Additional offices
Portland, OR · Seattle, WA · Denver, CO · New York, NY · Los Angeles, CA
Principals
Dan Stenberg
Chairman, President, and CEO
Sector focus
Frequently asked questions
Who runs investment decisions at D.A. Davidson & Co.?
Dan Stenberg has served as Chairman, President, and CEO since 1992, providing overall strategic leadership. The firm's investment banking, research, and wealth management divisions each have their own heads; those roles are not publicly named. Decision-making is committee-based, consistent with the firm's employee-owned structure (per the firm's official communications, 2024).
How does D.A. Davidson source proprietary deal flow?
The firm leverages its equity research coverage of over 300 publicly traded companies, primarily in the Pacific Northwest and Mountain West, to generate M&A advisory mandates. Its investment banking team also originates middle-market deals through regional relationships built over nine decades. The firm does not operate a formal proprietary sourcing engine (per public record).
Is D.A. Davidson structured as a family office or an investment bank?
D.A. Davidson is a regional investment bank and asset manager, not a family office. It is employee-owned, with no single-family or multi-family office designation. The firm offers wealth management services similar to those of a family office but operates as a regulated broker-dealer and RIA (per the firm's official materials, 2024).
What investment stages does D.A. Davidson target?
The firm's investment banking division focuses on middle-market companies, typically with enterprise values between $50 million and $500 million. It advises on M&A, private placements, and public offerings. The firm does not invest directly as a principal in external deals (per public record).
Which sectors does D.A. Davidson focus on?
The firm's investment banking and research efforts concentrate on financial services, technology, healthcare, and consumer sectors. Equity research covers financial institutions, technology firms, and healthcare companies, consistent with the geographic profile of the Pacific Northwest and Mountain West (per the firm's official communications, 2024).
Where does D.A. Davidson's wealth management business operate?
Wealth management services are delivered through about 200 financial advisors across 30 offices, primarily in the western United States. The firm also operates a registered investment advisor subsidiary, Davidson Investment Advisors, which provides separate account management. It serves high-net-worth individuals, families, and institutions (per public record).
Does D.A. Davidson maintain philanthropic structures?
Yes, the D.A. Davidson Foundation is a charitable arm that supports community development and education in Montana, with a focus on the Great Falls area. The foundation is separate from the firm's for-profit operations and receives funding from firm employees and profits (per the firm's official history, 2024).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on registered investment advisers?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: