Raymond James acquires Deutsche Bank’s US private client unit
US financial group Raymond James Financial has completed the acquisition of Deutsche Bank Wealth Management’s private client services unit in the United States.
The unit has been rebranded to Alex. Brown, a division of Raymond James led by the unit’s new president Haig Ariyan, who formerly served as co-head of Deutsche Bank Wealth Management Americas.
Ariyan reports to Zank and will work closely with Raymond James & Associates president Tash Elwyn.
Raymond James has announced that 193 advisers – over 90% of Deutsche Bank Wealth Management’s advisers pre-transaction – are joining Alex. Brown in 16 branches located in the Northeast and West Coast.
Also Deutsche Bank and Raymond James entered into a strategic distribution arrangement whereby Alex. Brown advisors will continue to partner with Deutsche Bank for equity new issue securities for seven years.
As a compensation, Raymond James will have access to new alternative investments, allowing the firm to continue to expand its product range to existing and future ultra-high-net-worth clients.
“This combination continues our focus on strategic additions to augment consistent organic growth while also complementing our core private wealth business in geographic areas targeted for expansion,” said Raymond James CEO Paul Reilly.
“That such a large percentage of legacy advisers agreed to join Raymond James as part of this agreement speaks highly of our values-oriented culture and the sophistication of our offerings.”
Raymond James has approximately 6,800 financial advisers serving in over 2.8 million client and has total client assets reaching $548bn (€487.5bn) as of 31 July 2016.