Raymond James lands $5B custody and clearing client
Virginia-based Capitol Securities Management to move its business from Pershing next spring.
Raymond James announced today that Capitol Securities Management will switch to its custody and clearing platform, from Pershing, taking $5 billion in assets managed, administered or advised by the firm.
The move will take place in the spring of 2018, according to a release from Raymond James, which has renamed its correspondent clearing business the Raymond James Custody & Clearing Division.
Capitol Securities is a privately owned brokerage and investment firm based in Glen Allen, Va., with offices along the East Coast.
Joseph Jianos, chairman and CEO at Capitol Securities, said in the press release that Raymond James’ mix of businesses, and combination of employee and independent advisers, was much like that of his firm.
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