Raymond James Financial said Wednesday that it has agreed to acquire Howe Barnes Hoefer & Arnett to expand its capital markets presence in the community-regional bank and thrift sector and its private client group, which now includes more than 5,300 financial advisors.
"This acquisition reflects Raymond James' growth strategy as we expand our already significant capital markets reach while adding to our strong private client presence in some key markets," said Raymond James CEO Paul Reilly (left) in a press release.
"The Howe Barnes professionals bolster our existing expertise in the financial institutions sector – an area of focus for our capital markets team," Reilly added.
Howe Barnes is a middle-market full-service brokerage firm focused on depository institutions, providing its clients with equity research, sales, trading, and investment banking services.
In addition, the company provides private wealth management services to more than 4,500 clients with more than $1.9 billion in assets under management (AUM).
"We look forward to welcoming the Howe Barnes team into the Raymond James family," added Raymond James & Associates President Dennis Zank, who leads the firm's employee-advisor channel, in a statement. "We are continually evaluating opportunities to expand our private client group through the addition of talented professionals like those at Howe Barnes, and are very pleased to have them join our platform."
