CRANBERRY TWP — Pittsburgh-based Hefren-Tillotson wealth management firm will merge with the Milwaukee-based Baird investment company, the latter announced Tuesday.

Terms of the deal, which are subject to regulatory approval, were not approved. The agreement is expected to close in June, with Hefren-Tillotson Inc. integrated into Robert W. Baird & Co. Inc. by October.

The agreement is a change for Hefren-Tillotson, which boasts of having a 75-year history of being an independent company, but chairwoman and CEO Kim Tillotson Fleming said the two companies’ values align in a way that will allow Hefren to continue its “legacy.”

“On every level, Baird embodies the same culture and values that have always defined our firm,” Fleming said in a statement. “Like Baird, being privately held has allowed us to stay focused on what matters most – our clients and our associates.“

Fleming, Craig Tillotson and Don Belt, who all serve in Hefren-Tillotson’s top leadership roles, will continue as leaders throughout and after the merger. Following the merger, Fleming will serve as Baird’s vice-chairwoman and continue as a financial adviser; Tillotson will serve as managing director and branch manager while continuing as a financial adviser; and Belt will become managing director and director of operations and integration.

Hefren-Tillotson manages $18 billion in assets, has six Western Pennsylvania offices and employs more than 90 financial advisers.