Raymond James says it is buying an investment bank focused on deal-making in wealth and asset management, including RIA mergers: Silver Lane Advisors of New York, which also works in private banking, trust and fintech.
“Silver Lane is a strong cultural and strategic fit, which will grow our presence in a sector we’ve been focused on expanding for some time,” said Raymond James Chairman and CEO Paul Reilly, in a statement. “Their commitment to client service and giving back to the community mirrors values which are core to Raymond James and illustrates what we look for in an acquisition.”
The team working for Silver Lane, which was founded in 2007, will become the Asset & Wealth Management group of Raymond James’ Financial Services Investment Banking practice.
Once the deal is complete, this group should include close to 50 investment bankers and can partner with other bankers “focused on providing support for mergers and acquisitions, public offerings, and private placements and restructurings of equity and debt,” the firm says.
“Consistent with our long-term view of consolidation across the financial-services space, we see particular opportunity in the asset management and wealth management categories, which is where Silver Lane excels with unparalleled expertise,” according to Jim Bunn, president of Raymond James Global Equities & Investment Banking.
The deal is expected to be wrapped up by April.
“We look forward to bringing the enhanced resources and global scale of Raymond James to Silver Lane’s preeminent client base,” Liz Nesvold, managing partner and founder of Silver Lane, said in a statement. “Raymond James shares our culture and commitment to client-first values, ensuring a smooth transition for our team and our clients.”
According to Raymond James, its Investment Banking group has raising close to $140 billion in capital for its corporate clients and completed more than 450 advisory transactions, including more than 390 M&As, since 2015.
Raymond James is planning to announced its latest quarterly earnings after the market closes on Wednesday. It had some 7,810 affiliated and employee advisors as of Sept. 30, 2018, in the U.S., Canada and the United Kingdom.