The two firms eliminated 218 jobs, mainly in the equity capital markets and fixed-income groups, in offices nationwide, said Steve Hollister, Raymond James' public relations manager. About two-thirds of the cuts came from the Morgan Keegan side. Hollister said in a statement that laid-off employees were treated fairly and that the firm would "continue to work through a deliberate process to ensure we maintain the highest client service levels."
Under Baird's leadership, Morgan Keegan consistently ranked as one of the leading senior managers of long-term municipal issues in the nation, according to Raymond James.
Following the $1.2 billion acquisition of Morgan Keegan from Regions (RF)—which was announced in January—Raymond James now has about 6,500 financial advisors in the United States, Canada and overseas who administer about $372 billion of assets.
Other appointments include:
- John Forney and Gavin Murrey are co-associate heads of public finance.
- Bill Specht and Steve Lawrence are co-heads of fixed-income sales for the combined organization.
- Reporting to Larence, Mat Parker is sales manager for depository accounts; Jim Breitman is sales manager for insurance and investment manager accounts; John Hirt is sales manager for public funds accounts; Bob McEwan is sales manager of the rookie sales program; and Chris Boudreau and Ted Hynes serve as co-sales managers for the designated municipal group.
- Calvin Sullivan serves as chief strategy officer, responsible for directing the division's strategic planning and development efforts.
- Horace Carter is head of fixed-income trading.
- Terry Robertson serves as director of fixed-income research. Overseeing the group's efforts under Robertson are Dodd Williams, SJ Guzzo and John Richardson.
- Howard Benz is director of the portfolio-strategies group, a newly-created department tasked with providing portfolio-level analysis and recommendations to our fixed income clients.
- Tom Snyder is the head of fixed-income sales & trading operations, with Bob Howley overseeing middle office functions.
- Girish Lulla is director of fixed-income technology.
- Chris Perkins serves as head of mortgage-backed securities trading.
- Bill Mueller and Joe Larizza serve as co-heads of government/agency trading.
- Will Watts is head of corporate trading.
- Brian Linde serves as head of structured-products trading, an operation comprising ABS (including non-agency RMBS and CMBS) and derivatives.
- Rick Spell is head of whole-loan trading, with Scott Thomas managing the combined organization's SBA trading activities.
- Jonathan Nordstrom serves as head of municipal products, with Peter Delahunt responsible for overseeing municipal trading, and
- Ernie DiLorenzo is head of CD trading.
"I am pleased with the leadership team that has resulted from our integration efforts," said Raymond James CEO Paul Reilly (left), in a press release. "I'm confident that the combination of our two firms will grow an even more formidable franchise."
