The firm is one of the largest players in its segment within wealth management in the US and certain other countries such as the UK, Canada, France, Germany and Switzerland.

A new chief executive is taking the helm at Raymond James, the wealth management firm that has become one of the largest names in the US and beyond with $1.38 trillion in client assets.

Paul Shoukry, who is currently chief executive, has been appointed president of the firm, and is to take up the CEO slot sometime during the 2025 financial year, taking over from Paul Reilly. 

Shoukry, who will be only the fourth CEO in Raymond James’ history, will retain his existing role until he takes on the CEO position. 

Shoukry started with Raymond James 14 years ago, working for Tom James and Paul Reilly in the “Assistant to the Chair” program. He has served as CFO since January 2020. Prior to joining Raymond James, Shoukry worked for a strategy consulting firm that served clients in the financial services industry. 

“Serving as the firm’s CFO, as well as overseeing our bank segment, he has consistently demonstrated that even as we grow, keeping our private client group, advisors and their clients at the center of our business plans, while always embracing our values, will continue to be essential to our future success,” Reilly said in a statement. 

Other changes
In other leadership changes, Jeff Dowdle has announced that he will retire and step down as chief operating officer at the end of the fiscal year. As part of this change, Raymond James Financial private client group president Scott Curtis will become COO of Raymond James Financial, Raymond James & Associates CEO Tash Elwyn will become president of the private client group, and global equities and investment banking president Jim Bunn will become president of the capital markets segment. 

These changes will be effective October 1, 2024, at which time Dowdle will be named vice chair and serve in an advisory role to facilitate a smooth transition, the Florida-headquartered company said.