One year ago, statistics from Raymond James Financial showed that the company had approximately US$500 billion in assets with 2.7 million clients and 6,500 financial advisors on board. However, the financial services giant shows no signs of slowing down after swooping for one of the most well-known private wealth managers in Canada.
According to a Bloomberg
report, Raymond James has reached an agreement to acquire MacDougall MacDougall & MacTier Inc. – known as 3Macs.
In what marks the latest in a series of takeovers from the Florida-based firm, the move will create an investment dealer in Canada with more than C$33 billion in assets. A Bloomberg
source claims that the value of the transaction is less than C$100 million.
Speaking at a Press conference, Raymond James CEO Paul Allison described the acquisition as a “great cultural fit” and remarked that “six of the seven locations are new locations for Raymond James”. As such, he predicted that the move would be “without virtually any redundancies”.
In total, Raymond James will gain 72 financial advisors from the purchase – they collectively oversee C$6 billion in assets. The chairman of 3Macs, Tim Price, will join the board at Raymond James.
3Macs can trace its roots back to 1849 when MacDougall Brothers was established by Donald Lorn MacDougall and his brother. Meanwhile, Raymond James has been in Canada since 2001 and boasts more than 1,000 employees across the country, including 370 financial advisors.