Florida-based Raymond James Financial, the wealth management group, has announced it has entered into an agreement to acquire Howe Barnes Hoefer & Arnett, a brokerage with client assets worth more than $1.9 billion and 115 associate employees.

Terms of the deal will not be disclosed, the firms said in a statement.

“This acquisition reflects Raymond James’ growth strategy as we expand our already significant capital markets reach while adding to our strong private client presence in some key markets,” said the firm’s chief executive, Paul Reilly.

“The Howe Barnes professionals bolster our existing expertise in the financial institutions sector – an area of focus for our capital markets team.”

Founded in 1915, Howe Barnes is headquartered in Chicago.

Howe Barnes chairman and chief executive Dan Coughlin will join Raymond James as a managing director of investment banking and will co-head the Raymond James financial institutions practice with managing director Patrick DeLacey.

Raymond James was advised by its wholly-owned subsidiary, Raymond James & Associates, and was represented by Foley & Lardner. Howe Barnes was advised by River Branch Capital and was represented by Chapman and Cutler. The transaction is expected to be closed on or about 31 March this year, subject to regulatory approval.

Raymond James, which operates from 2,300 locations in the US, Canada and overseas, holds total client assets of around $254 billion.