Raymond James Financial has agreed to purchase Silver Lane Advisors, an investment bank specialising in mergers and acquisitions for financial services firms.
New York-based Silver Lane was set up in 2007. It also has branches in Chicago and San Francisco.
The business focuses on asset and wealth management and private banking, as well as fintech.
Under the agreement, the acquired entity will form a new Asset & Wealth Management group within the financial services practice of Raymond James Investment Banking.
The new group will include around 50 bankers covering banks and thrifts, asset and wealth managers, insurance firms, speciality finance companies and BDCs.
The deal is expected to be completed in April this year. Raymond James did not reveal the amount it will pay for the deal, which is pending approvals.
Raymond James Global Equities & Investment Banking president Jim Bunn said: “Consistent with our long-term view of consolidation across the financial services space, we see particular opportunity in the asset management and wealth management categories, which is where Silver Lane excels with unparalleled expertise.
“Integrating their deeply experienced professionals into our existing Financial Services practice further positions us to capitalise on the growing demand for asset and wealth management expertise, while offering clients a broader range of capabilities.”