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.
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.
