The Milwaukee, Wis.-based financial services firm is Sagard’s first U.S. institutional shareholder. Baird will help Sagard, the alternative asset management subsidiary of the wealthy Desmarais family’s Power Corporation of Canada, distribute its products in the U.S. (The Logic)

Talking point: In a research note, RBC analyst Bart Dziarski noted the deal follows U.S. President Donald Trump’s August executive order that lets investors put alternative assets in their retirement accounts. “We believe alternative asset managers are racing to secure distribution to have their products on shelves and available for U.S. wealth clients,” he said. In May, retirement services provider Empower announced a partnership with seven asset managers, including Sagard, to offer private market investments in defined contribution retirement plans. The Baird partnership is an “important step” that should help Sagard fundraise and grow, Dziarski said.