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Technology > Investment Platforms > Turnkey Asset Management

Raymond James Wraps Up $172M Deal

By Janet Levaux

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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.

The combined businesses, including Scout and Reams, have total assets under management and advisement of over $64 billion.

As of Oct. 30, Raymond James has client assets under administration of nearly $704 billion, up 17% from October 2016 and 2% from September 2017. It has some 7,300 affiliated and employee advisors. 

Financial assets under management reached close to $99 billion, up 31% from a year ago and 2% from the prior month. ”Client assets were lifted by equity market appreciation and solid financial advisor recruiting and retention in the Private Client Group segment,” the firm said in a statement.

Total securities commissions and fees of $362 million in October grew 14% from the year-ago period and 7% from September, “primarily attributable to higher balances of Private Client Group assets in fee-based accounts.”

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