Raymond James, the New York-listed financial services company, has signed up for the US treasury’s Capital Purchase Programme, joining the ranks of major financial institutions that are receiving government assistance.

“We have applied for the Capital Purchase Programme,” said Thomas James, Raymond James chairman and chief executive, “as a replacement for our previous and current unsecured credit lines, and as a means of obtaining additional capital in these times of economic crisis.”

Under the proposed deal, Raymond James will sell preferred shares to the US treasury as part of the authorities' bailout of the financial services system.

Raymond James, which is based in Florida, is a diversified holding company which provides financial services to individuals, corporations and local government through its subsidiaries.

These subsidiaries include three wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd, along with Raymond James Investment Services, a majority-owned independent contractor subsidiary operating in the UK. 

Raymond James, which has more than 5,000 financial advisors, handles total client assets of approximately $187 billion, of which $33 billion are managed by the firm’s asset management subsidiaries.