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January 23, 2019 at 11:05 AM
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.
