M and A
Deals Of The Day: The Latest In Wealth Management M&A – Charles Stanley, Raymond James
The latest mergers, acquisitions and corporate actions in and around the North American wealth management sector.
Raymond James, Charles Stanley
Florida-based Raymond James has
completed its purchase of blue-blooded Charles Stanley, the
UK firm. The UK Financial Conduct Authority and Charles Stanley
shareholders approved the transaction.
The deal was originally announced on July 19 last year. At the time, Raymond James said it would pay ÂŁ5.15 per share, or about ÂŁ279 million ($387 million as of July 28, 2021).
Charles Stanley continues to operate as a separate brand and does business as Charles Stanley, a division of Raymond James. It is joining wealth manager Raymond James Investment Services in the Raymond James UK footprint, boosting total regional client assets to more than ÂŁ42 billion, Raymond James said in a statement last Friday.
The deal brings together a US-listed group which already operates in the UK, and Charles Stanley – a firm with origins stretching back to 1792. Charles Stanley has 26 locations and more than 800 staff.
“Throughout this process, our long-held admiration of Charles Stanley and our belief that our firms share a common, client-centric approach were proven repeatedly,” Raymond James chairman and chief executive Paul Reilly, said.
The US firm operates in the UK under the name of Raymond James Investment Services.
