Raymond James has announced the acquisition of a majority stake in a boutique investment bank to boost its capabilities in structured credit and securitization.
The transaction builds on an existing relationship between the firm and GreensLedge Holdings LLC. Last year, GreensLedge advised Raymond James in the establishment of its new private credit business. Raymond James partnered with Eldridge Industries and Raymond James Bank to provide private credit solutions to sponsor-backed portfolio companies in four primary sectors: Consumer, Diversified Industrials, Healthcare and Technology & Services.
GreensLedge was founded in 2008 and has carved out a reputation in areas such as CLOs, CDOs, rated feeder vehicles, ABS issuance, and other structured credits. It operates with a nimble, capital-light model, allowing it to be flexible.
“Their specialized expertise in structured products, paired with our robust fixed-income distribution and trading capabilities, unites best-in-class strengths, forming a compelling strategic partnership,” says Jim Bunn, Raymond James’s president of Capital Markets and Advisory.
The acquisition opens doors to expanded synergies across Raymond James’s broader platform, tying GreensLedge’s structured-product capabilities into investment management, banking, private-capital advisory, real estate investment banking, and ultra-high-net-worth advisory teams.
GreensLedge’s managing partners, James “Jim” Kane, Brian Zeitlin, Lesley Goldwasser and Ken Wormser, have decades of experience in capital markets. While they are proud of the business they have grown over almost twenty years, they believe joining Raymond James is a pivotal moment for the firm which is the right decision for their clients and employees.
“The decision to partner with Raymond James was made with our employees and clients foremost in our minds. We believe strongly in our shared vision for delivering service without compromise,” says Wormser.
Finalization of the deal is contingent on customary closing conditions and regulatory clearances and Sumitomo Mitsui Trust Group, Inc. will maintain a minority interest as well as continue to be a trusted partner of GreensLedge.
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