Raymond James Financial has completed its acquisition of Deutsche Bank Wealth Management’s US Private Client Services (PCS) unit, which it has rebranded to Alex. Brown.
The new entity is led by Haig Ariyan, who formerly served as co-head of Deutsche Bank Wealth Management Americas.
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Ariyan will report to Dennis Zank, COO for Raymond James, and will work closely with Raymond James & Associates president Tash Elwyn.
Raymond James CEO Paul Reilly said: “This combination continues our focus on strategic additions to augment consistent organic growth while also complementing our core private wealth business in geographic areas targeted for expansion. That such a large percentage of legacy advisors agreed to join Raymond James as part of this agreement speaks highly of our values-oriented culture and the sophistication of our offerings.”
Previously, Raymond James announced that over 90% of Deutsche Bank Wealth Management’s advisors pre-transaction, are joining Alex.
Also, Deutsche Bank and Raymond James have signed a strategic distribution arrangement whereby Alex. Brown advisors will continue to partner with Deutsche Bank for equity new issue securities for seven years.
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By GlobalDataIn a press statement, Deutsche Bank Wealth Management said that it will now focus on making strategic investments in its US Wealth Management business following sale of its PCS business.
Deutsche Bank Wealth Management head Fabrizio Campelli said: “The successful sale of the US PCS business is a significant step toward the bank’s Strategy 2020 goal to become a simpler and more efficient organization.
“We will now concentrate on further building out our wealth management capabilities for ultra-high-net-worth clients in the US, underlined by a series of recent senior appointments including Patrick Campion, who joined us last month as Head of Deutsche Bank Wealth Management for the Americas.
“We will now be able to better serve our clients and grow our Americas business by focusing on a single distribution channel. We are looking forward to continuing our collaboration with Raymond James as a distribution partner,” Campelli added.
In December 2015, Raymond James Financial agreed to buy the US Private Client Services unit (PCS) of Deutsche Asset & Wealth Management.
