December 29, 2010

Raymond James to Buy Brokerage, Wealth Management Firm Howe Barnes

Deal should boost presence in bank and thrift sector, and wealth management

Raymond James Financial said Wednesday that it has agreed to acquire Howe Barnes Hoefer & Arnett to expand its capital markets presence in the community-regional bank and thrift sector and its private client group, which now includes more than 5,300 financial advisors.

“This acquisition reflects Raymond James’ growth strategy as we expand our already significant capital markets reach while adding to our strong private client presence in some key markets,” said Raymond James CEO Paul Reilly (left) in a press release.

“The Howe Barnes professionals bolster our existing expertise in the financial institutions sector – an area of focus for our capital markets team,” Reilly added.

Howe Barnes is a middle-market full-service brokerage firm focused on depository institutions, providing its clients with equity research, sales, trading, and investment banking services.

In addition, the company provides private wealth management services to more than 4,500 clients with more than $1.9 billion in assets under management (AUM).

“We look forward to welcoming the Howe Barnes team into the Raymond James family,” added Raymond James & Associates President Dennis Zank, who leads the firm’s employee-advisor channel, in a statement. “We are continually evaluating opportunities to expand our private client group through the addition of talented professionals like those at Howe Barnes, and are very pleased to have them join our platform.”

Founded in 1915 and based in Chicago, Howe Barnes employs 115, including about 20 advisors.

“The deep industry knowledge and client relationships Howe Barnes brings in the community and regional bank and thrift sector will complement Raymond James’ existing business with depository institutions and expand our firm’s reach in an area that we view as highly strategic to our overall growth objectives,” explained Jeff Trocin, executive vice president and head of the Raymond James’s equity capital markets unit, in a statement.

As part of the transaction, Howe Barnes Chairman and CEO Dan Coughlin will join Raymond James as a managing director of investment banking and will co-head the Raymond James Financial Institutions practice with managing director Patrick DeLacey.

“With the addition of Howe Barnes, we will be better positioned to capitalize on the expected consolidation of the community and regional bank and thrift industry,” noted DeLacey in a statement.

“Howe Barnes’ overall practice is well-aligned with Raymond James’ existing investment banking, research, sales and trading businesses," DeLacey continuted, "and we are excited by the prospects of bringing our complete product offering, including financial advisory, equity and fixed income brokerage, and wealth management services, to Howe Barnes’ clients,” he said.

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