Raymond James and subsidiary Carillon Tower Advisers have completed the purchase of Scout Investments and its Reams Asset Management division from UMB Financial Corp.
When the deal was announced in April, Kansas City, Missouri-based UMB said it expected to receive about $172 million in cash for the sale. Reams is an institutional-focused fixed income specialist, while Scout is an equity asset manager.
“We are excited to welcome Scout Investments and Reams Asset Management to the Raymond James family,” said Chairman and CEO Paul Reilly, in a statement. “The acquisition closed on Nov. 17 and is expected to add approximately $27 billion of assets under management to Carillon Tower Advisors/Eagle.”
The firm’s Carillon unit — which includes Eagle Asset Management, ClariVest Asset Management and Cougar Global Investments — offers distribution and operational support capabilities to independent portfolio managers.