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.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
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.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave