Nearly all Paulson reps sign on with JHS

JHS Capital Advisors said today it has successfully transitioned 70 registered representatives from Paulson Investment Company Inc. JHS, based in Tampa, Fla., announced in February that it was acquiring the retail business of Portland, Ore.-based Paulson. Paulson, which continues to operate as a boutique investment bank, had 75 retail representatives and about $1.1 billion in private client assets at the time. JHS ended up transferring nearly all the advisers and about $1 billion of client assets, said Eileen Canady, vice president of strategic development at JHS. The transfer was completed over the weekend. Financial terms of the deal were not disclosed. Both firms clear through RBC Correspondent Services Ms. Canady declined to say whether Paulson brokers had been offered a retention package. Transition staff met personally with Paulson advisers, who are mostly located in the Northwest, as well as California and the Midwest, she said. The acquisition was "a good [additional] footprint for us," Ms. Canady said. "We'll be looking at future acquisitions in the future," she added. JHS has 170 advisers in 55 offices across the U.S who oversee about $3.2 billion in client assets. The firm was founded in 2009 by Tampa entrepreneur John Sykes, who was also the former chairman and major shareholder of the now-defunct GunnAllen Holdings Inc.