Raymond James (RJF) says its Canadian operations are buying the independent investment firm 3Macs, which should add 72 advisors with about $5 billion of assets to its business.
Raymond James’ Canadian unit now includes over 1,000 people; it has 370-plus advisors (both independent and employee reps) and portfolio managers working in 117 locations. Once the deal is complete, the firm says, it expects to have the largest independent investment dealer in Canada, with some $25 billion in client assets.
“We are very excited about this new partnership with 3Macs and the opportunity to create a new legacy of excellence serving Canadians and Quebeckers with their total wealth management needs,” said Paul Allison, Chairman & CEO of Raymond James Ltd., in a statement.
In the U.S., Canada and United Kingdom, Raymond James has roughly 6,700 financial advisors with $522 billion in client assets.
“Not only will this acquisition significantly accelerate our growth strategy across Canada and Quebec, it meets our highly selective parameters for cultural fit, growth in a strategically important marketplace, and ease of integration,” Allison said. “We are confident that our firm’s core values of putting clients first, conservatism, independence and integrity are mirrored and embraced by the people of 3Macs.”
3Macs is an abbreviated form of the group’s earlier name, MacDougall, MacDougall & MacTier Inc.; it was founded in 1849. “We respect the deep affinity the people of 3Macs and their clients have for its legacy, and we are proud to welcome our new colleagues under this historic name,” Allison said.
The latest acquisition news comes about six months after Raymond James said it was buying the U.S. private client business of Deutsche Bank, which is being renamed Alex. Brown – the firm’s original name.
This unit has close to 200 advisors with some $50 billion of client assets and $300 million of yearly revenue. (Alexander Brown started the firm, which is considered to be the first investment banking company in the United States, in 1800.)