RJF buys out Killik stake in RJIS
Florida-based Raymond James Financial Inc (RJF) has bought out the 25% stake in UK private client wealth management subsidiary Raymond James Investment Services (RJIS) from Killik & Co.
RJIS was set up as a joint venture with Killik & Co in 2001, to offer support to independent wealth managers operating their own boutiques, who are offered an open architecture administration platform, client reporting, research tools and technology solutions.
Currently it supports 68 independent practices in the UK, which in turn handle some 16,000 client accounts and asssets of over £2.5bn.
Peter Moore’s, CEO of RJIS, said: “The acquisition is a very positive endorsement from our parent company, highlighting our success in the UK and our ambitions to grow the business further. 2011 was a busy year for RJIS, with significant investments in infrastructure, technology and staff, all part of our on-going commitment to offering the best possible services and solutions to wealth managers and their clients. We will continue to lead the way in best practice for wealth management and platforms.”