Raymond James Financial has agreed to purchase Missouri-based Scout Investments and its Reams Asset Management division from UMB Financial for $172.5m.

Incorporated in 1982, equity asset manager Scout Investments and Reams Asset Management have a combined $27bn under management and advisement.

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Scout and Reams will become the wholly-owned subsidiary of Carillon Tower Advisers, a division of Raymond James that offers distribution and operational support capabilities to independent portfolio management teams.

Raymond James said that Carillon Tower will distribute Scout and Reams investment products globally. The acquisition is expected to close by the end of 2017.

Following the acquisition, Carillon Tower Advisers will have combined assets under management and advisement in excess of $60bn.

Raymond James chairman and CEO Paul Reilly said: “Building on our strong foundation of asset management expertise is a key component of the firm’s growth strategy and its focus on providing retail and institutional clients with sophisticated investment options. As with all additions to the Raymond James family, Scout and Reams bring complementary cultures and management philosophies to the asset management division.”

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Carillon Tower president and chairman Cooper Abbott said: “We are pleased to welcome Scout and Reams to the Carillon Tower family and excited that we will be able to offer our clients a broader set of investment solutions. The addition of these well-recognized franchises to our multi-boutique model is a natural extension of our long-term growth strategy.”