Raymond James to Buy TriState Capital for $1.1B

In mid-December of 2020, the firm said it was buying Financo, a consumer-focused boutique investment bank that, like Cebile, has offices in London and New York. That deal was announced just a week after Raymond James said it planned to purchase retirement plan administrator NWPS.

Future Plans

As part of the $1.1 billion transaction — which the firms expect to close next year — Pittsburgh-based TriState will continue to operate as a separately branded firm, as well as a stand-alone division and independently chartered bank subsidiary of St. Petersburg, Florida-based Raymond James.

Jim Getz will stay on as chairman of TriState, while Brian Fetterolf will remain CEO of TriState Capital Bank. Tim Riddle will continue as CEO of Chartwell Investment Partners. Plus, about 350 associates are “expected to remain with the firm in its existing office locations,” the firms said in a press release.

Chartwell Investment Partners will keep its brand and operate as a subsidiary of Raymond James’ Carillon Tower Advisers; the combined assets under management of these businesses are expected to total $80 billion when the deal is completed.

For its part, Raymond James works with about 8,400 financial advisors managing some $1.2 trillion in client assets. Raymond James Bank has assets of roughly $35 billion through its work for corporations and Private Client Group customers. Carillon Tower Advisers manages retail and institutional fixed income and equity strategies of $69 billion.

In the quarter ended June 30, Raymond James had revenues of $2.47 billion, up 35% from a year earlier. Its adjusted net income (excluding one-time items) rose 123% from the prior year to $386 million, or $2.74 per share. The firm will report its earnings for the period ended Sept. 30 on Wednesday.