Raymond James Financial has signed a definitive asset purchase agreement to buy the US Private Client Services unit (PCS) of Deutsche Asset & Wealth Management (Deutsche AWM).
The company will operate the PCS unit under the Alex. Brown brand upon completion of the transaction.
Under the deal, Deutsche AWM co-head of wealth management in the Americas Haig Ariyan will join Raymond James as president of the Alex. Brown division alongside several other leaders from the PCS unit.
Additionally, Deutsche Bank has signed a long-term agreement with Raymond James, under which PCS advisors will continue to be Deutsche Bank’s critical distribution partner for equity new issue securities to institutional and HNW clients in the US.
This acquisition will offer Raymond James access to alternative investments and other investment solutions, enabling the firm to boost its offerings to its existing and future HNW clients.
The deal is scheduled to close in the third quarter of 2016. Terms of the deal have not been disclosed.
Deutsche Bank global head of wealth management Fabrizio Campelli said: "This agreement will allow us to focus on our strategic priorities including investing in our US Private Bank, which has grown consistently over the last ten years by serving ultra-high-net-worth clients through bespoke lending, trust, custody, banking and investment advisory solutions."
Raymond James chief operating officer of Dennis Zank said: "While we are selective when considering acquisitions, advisors in the PCS unit fit the profile of the successful professionals we recruit to Raymond James nearly every day.
"In terms of integration, we have helped hundreds of advisors transition onto our platform and enjoy the benefits of our extensive technology, marketing and practice management support. As always, we will focus on ensuring this process is executed with thoughtful consideration and minimal impact to advisors and their clients."