Raymond James Financial (RJF) said Monday it wrapped up its purchase of Deutsche Bank’s U.S. Private Client Services Unit, some nine months after the deal was first announced.
The company also says the 193 advisors that joined it through the acquisition are now on the Raymond James’ technology platform and are operating as part of Alex. Brown, a unit of Raymond James that cater to high-net-worth and ultra-high-net-worth investors in 16 branches concentrated in the Northeast and West.
“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, in a statement. “That such a large percentage of legacy advisors agreed to join Raymond James as part of this agreement speaks highly of our values-oriented culture and the sophistication of our offerings.”
Alex. Brown is led by Haig Ariyan, who earlier was co-head of Deutsche Bank Wealth Management Americas. Ariyan joined the firm in 1996 as an advisor at Alex. Brown, which was acquired by Deutsche Bank three years later. He is based in New York, reports to Raymond James COO Dennis Zank and also works closely with Raymond James & Associates President Tash Elwyn, who leads the firm’s employee-advisor channel.
“Tash and I are committed to keeping both businesses separate but aligned,” said Ariyan, in an interview with ThinkAdvisor. “There is much value in keeping the Alex. Brown brand alive as a unique null, while recognizing that Raymond James serves high-net-worth clients through its advisor business today, as well. We are embracing a collaborative approach, with the ultimate objective being to build a more successful and larger Raymond James.”
More specifically, the two firms are working together on recruitment, diversity, technology and other issues, he says.
“We’ve been getting calls from those who lead the effort to support women and minority advisors and network with them. It’s … more organized than what we have been able to do historically, so we are very excited about what this can do for [Alex. Brown], both commercially and culturally,” the president explained.
(Raymond James will host its 22nd-annual Women’s Symposium for advisors in early-October in Orlando, Florida.)