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Raymond James Expands Wealth Practice With Acquisition

Harriet Davies 4 April 2011

Raymond James Expands Wealth Practice With Acquisition

Florida-based Raymond James Financial has completed its acquisition of Howe Barnes Hoefer & Arnett, following a definitive merger announced at the end of last year, in a move that will expand its private client group.

The deal will add some 5,000 private wealth management clients, with around $1.7 billion in assets, to Raymond James’ books. It will also see its financial advisor and staff headcount grow.

The firm’s chief executive Paul Reilly said the acquisition was consistent with the company’s long-term strategy of expanding both its institutional and retail businesses. Particularly, the transaction gives Raymond James a private client presence in San Francisco, and strengthens its operation in Chicago.

As part of the agreement, former Howe Barnes chairman and chief executive Dan Coughlin joins Raymond James as a managing director of investment banking, and will co-head the Raymond James Financial Institutions practice with managing director Patrick DeLacey.

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