A serious wealth management acquisition is paying off for one company south of the border.
According to a report by ThinkAdvisor, CEO of Raymond James, Paul Reilly, has commented that his firm is enjoying considerable benefits from its bid for Deutsche Bank.
Plans were announced at the end of last year for Raymond James to acquire the private client services unit of Deutsche Bank Wealth Management, which is based on the Alex Brown & Sons business that Deutsche purchased back in 1999.
Now, 90 per cent of the firm’s advisors have committed to making the switch to Raymond James according to Reilly.
The publication writes that Alex Brown has an estimated 200 advisors with $50 billion under management. It is estimated that each advisor is bringing in an average of $1.5 million in commissions and fees every year.
It’s a timely boost for Raymond James too with ThinkAdvisor quoting a statement which outlines that the company brought in $280 million during February with assets under management standing at $488.4 billion – a slip of two per cent compared to the previous year. The fall was attributed to weak equity markets.
It is expected that the deal will be completed in September.