Raymond James Financial, Inc. (NYSE: RJF) shares were 0.31-percent higher at $79.95 at the close Wednesday after the diversified financial services company said it reached an agreement to acquire Silver Lane Advisors, an investment bank that focuses on M&A transactions and other financial services.
Raymond James' acquisition of Silver Lane is a "natural complement" to its existing Financial Services Investment Banking practice, the company said in a press release. As part of the merger, Silver Lanes' workers will form and represent a new Asset & Wealth Management group within Raymond James that will consist of nearly 50 investment bankers covering banks and thrifts, asset and wealth managers, insurance companies, specialty finance companies and BDCs.
Why It's Important
The integration of Silver Lane into Raymond James' business further positions the company to take advantage of the growing demand for asset and wealth management expertise, Jim Bunn, president of global equities and investment banking at Raymond James, said in the press release. The acquisition also gives the company a better opportunity to offer clients a "broader range" of services, he said.
The acquisition is expected to close by April and remains subject to customary conditions and approvals.
"We look forward to bringing the enhanced resources and global scale of Raymond James to Silver Lane's preeminent client base," Liz Nesvold, managing partner and founder of Silver Lane, said in a statement. "Raymond James shares our culture and commitment to client-first values, ensuring a smooth transition for our team and our clients."
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