By way of background, Raymond James Financial said it is buying Deutsche Asset & Wealth Management's US private client services arm in December 2015. In recognition of the unit's original founding in 1800 under Alex. Brown & Sons, advisors joining Raymond James will operate under the Alex. Brown brand once the deal has closed, it said at the time .

In his new role at Raymond James, Waugh will focus on client and advisor relationships while helping drive Alex. Brown’s strategic direction.

Before joining Deutsche Bank in 2000, he was chief executive at the hedge fund Quantitative Financial Strategies. He formed the Deutsche Bank Americas advisory board in 2006 and has served as its chairman since his retirement in 2013.

Waugh also spent 11 years in various leadership roles at Merrill Lynch, becoming co-head of global debt markets. He has sat on the board at SIFMA, The Clearing House, the Financial Services Forum and FINRA's board of governors. He is currently a board member at Franklin Templeton Investments and serves on the advisory boards of Workday, Inc. and The PGA of America.