St. Petersburg-based Raymond James Financial Inc. is preparing to acquire all of the share capital of the London-based wealth management company Charles Stanley Group PLC.
The acquisition is valued at $ 387 million (or approximately $ 280 million in British pounds sterling). It is expected to close in the fourth quarter, said Raymond James (NYSE: RJF) on Thursday.
The acquisition will allow Raymond James to accelerate its growth in the UK and Charles Stanley will bring 200 more wealth managers to the table.
“We have long admired Charles Stanley’s reputation, legacy and talented pool of asset managers and professionals,” said Paul Reilly, CEO of Raymond James, in a prepared statement. “The two companies share a common and increasingly rare customer-oriented approach in which the primary customer relationship is maintained by the individual asset managers. We offer both employment and self-employment models, while Raymond James also offers platform services that allow the flexibility that wealth managers value. In addition, Charles Stanley meets the historical acquisition criteria of Raymond James, in particular as an excellent strategic fit with a complementary culture. “
Paul Abberley, Reilly’s counterpart at Charles Stanley, said the board considered Raymond James’s terms to be a fair value.
As part of the acquisition, Raymond James will replace some or all of the other non-executive directors of Charles Stanley, according to a press release.
In the meantime, Charles Stanley is expected to continue operating as a separate division and subsidiary of Charles Stanley, a division of Raymond James, and to maintain its presence in the UK
The news follows Raymond James’ third quarter earnings report released Wednesday, in which the company reported net sales of $ 2.47 billion and net income of $ 307 million, or $ 2.18 per diluted share .
The post Raymond James Acquires Charles Stanley in $ 387 Million Deal • St. Pete Catalyst first appeared on Daily Florida Press.
from Daily Florida Press https://dailyfloridapress.com/raymond-james-acquires-charles-stanley-in-387-million-deal-%e2%80%a2-st-pete-catalyst/
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