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July 29, 2021 at 08:29 AM
What You Need to Know
- The U.K.-based Charles Stanley Group has 200 wealth managers and is being acquired for about $387 million.
- The deal is expected to accelerate Raymond James' newly launched employee affiliation model in the U.K.
- No staff reductions are expected.
Raymond James has made an offer to purchase U.K.-based Charles Stanley Group for about $387 million, which would add about $38 billion (£27 billion) in assets and 200 wealth managers. As a result, Raymond James’ operations in the United Kingdom could have roughly $56 billion (£40 billion) in assets.
“We have long admired Charles Stanley’s reputation, heritage and its talented pool of wealth managers and professionals,” said Raymond James CEO Paul Reilly, in a statement.
“We both offer employed and self-employed affiliation models, while Raymond James also provides platform services, enabling the flexibility that wealth managers value,” Reilly added.
The deal, which is subject to U.K. Financial Conduct Authority and Charles Stanley shareholder approval, is expected to close in the fourth quarter of 2021.
