Raymond James Financial completes acquisition of asset manager

Raymond James, a US-based financial services holding company and platform provider, and its subsidiary, Carillon Tower Advisers, have acquired equity asset manager Scout Investments and its Reams Asset Management division from UMB Financial, the company has announced.

Scout Investments will become a subsidiary of St Petersburg, Florida-headquartered Carillon Tower Advisers, Raymond James said.

The price Raymond James and Carillon Tower are paying and other details of the deal weren’t given at time of writing, though in April, Kansas City, Missouri-based UMB said it expected to receive about US$172m (£130m, €146m) in cash in the deal.

Scout Investments will join Carillon Towers’ stable of advisory business, which currently includes Eagle Asset Management, ClariVest Asset Management and Cougar Global Investments.

Scout Investments, together with its Reams AM division, have a combined US$27bn of assets under management and advisory.

Reams is an institutional-focused fixed income specialist, while Scout is an equity asset manager.

As a result of the acquisition, Carillon Tower will distribute Scout and Reams investment products worldwide.

Raymond James was founded in 1962 by a broker by the name of Robert “Bob” James, who later merged his company with Raymond & Associates. Today it’s listed on the New York Stock Exchange, where it is a component of the S&P 500 and, since last year, has been a Fortune 500 company.

Last year it acquired Deutsche Bank Wealth Management’s US private client services unit, Alex, Brown.

At the end of September it was holding around US$693bn in assets on behalf of clients located in the US and abroad, who are looked after by some 7,300 advisers working out of more than 3,000 offices in the US, Canada and abroad, including 97 locations in the UK.

Ridhima Sharma
Ridhima Sharma is Correspondent for InternationaInvestment. She speaks German and is also DACH Correspondent for InvestmentEurope. She has more than 8 years of experience in the media industry. Before joining us, she was working in India and covering automotive and lifestyle sectors. Over the years many of her stories have been published in various magazines across India.

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