Raymond James bolsters investment banking biz with buy

Raymond James Financial Inc. announced today that it is acquiring Howe Barnes Hoefer & Arnett, Inc., a Chicago-based investment bank.
DEC 09, 2010
By  Bloomberg
Raymond James Financial Inc. announced today that it is acquiring Howe Barnes Hoefer & Arnett, Inc., a Chicago-based investment bank. The terms of the transaction, which is expected to close March 31, were not disclosed. Howe Barnes, with 115 employees, focuses on investment banking services for regional banks and thrifts. The deal will “bolster our existing expertise in the financial institutions sector — an area of focus for our capital markets team,” Raymond James chief executive Paul Reilly said in a statement. Howe Barnes has a small retail presence, with about 20 brokers managing $1.9 billion for 4,500 clients. Raymond James has 5,300 financial advisers in its retail channels. They handle about $254 billion in client assets. Howe Barnes chief executive Dan Coughlin will join Raymond James as a managing director of investment banking. Mr. Coughlin was not immediately available. Raymond James spokesman Steve Hollister declined to provide any further details about the merger.

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