US-based Raymond James Financial has bought the outstanding stake in its UK wealth management subsidiary Raymond James Investment Services from brokers Killik & Co for an undisclosed sum.

Killik & Co formerly owned a quarter of the UK private client firm, which was established in 2001. The sale means that Graham Neale, partner of Killik & Co, has resigned from the board of RJIS.

The UK business supported 68 independent practices, which represented client assets of £2.57 billion (about $4 billion), at the end of November 2011.

Roughly two-thirds of the parent company’s revenue is generated by its private client group, but RJF also has businesses focused on equity and fixed income capital markets, asset management and banking. The firm’s wealth managers represent total assets of about $268 billion.