Raymond James buys another boutique investment bank

For the second time in as many years, Raymond James Financial Inc. said Thursday it was buying a boutique investment bank, with this purchase focused on the retail and consumer bank.

With offices in New York and London, the bank, Financo, is known for its capabilities in the beauty and personal care, direct-to-consumer e-commerce, enthusiast brands and healthy living and active lifestyle, the company said in a statement. Financo has 25 professionals under its roof.

Terms of the deal were not disclosed.

With 8,200 financial advisers, Raymond James has been on a bit of run in terms of acquisitions. Last week, the company said it was moving into retirement plan administration with its acquisition of Seattle-based NWPS Holdings, a consultant and record keeper that oversees $35 billion in plan assets. And in January 2019, it bought another small investment bank, Silver Lane Advisors, that focuses on the registered investment adviser market.

"Raymond James is one of the few firms out there that can expand in different areas, not just working with advisers," said Jodie Papike, president of Cross-Search, an industry recruiting firm. "Most other firms are limited."

Raymond James said that the Financo bank is also known for its focus on home furnishings segments, and for working with private, private-equity-backed and publicly traded high-growth, consumer companies.

The acquisition of Financo is expected to close by the end of March.