Raymond James Financial has agreed to acquire TriState Capital Holdings, a Pittsburgh-based diversified financial firm that offers private banking, wealth management and commercial lending, as well as securities-based loans for clients of RIA firms and broker-dealers.
The deal, a combination cash and stock transaction, is valued at approximately $1.1 billion, Raymond James said in a release.
TriState Capital will continue operating as a separately branded firm and as a stand-alone division and independently chartered bank subsidiary of Raymond James. Jim Getz will continue to serve a chairman of TriState, while Brian Fetterolf will continue as CEO of TriState Capital Bank and Tim Riddle will remain CEO of Chartwell Investment Partners, TriState's $11 billion asset management unit.
The main driver of cost synergies in the transaction is replacing a portion of TriState Capital Bank’s current and future higher-cost deposits with Raymond James’ lower-cost deposits from the Raymond James Bank Deposit Program, the company said.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.