Raymond James (RJF) said Monday that Seth Waugh, former CEO of Deutsche Bank Americas, will be appointed non-executive chairman of Alex. Brown, which Raymond James is acquiring. The company made the announcement as it kicked off its yearly national conference for independent advisors in Nashville, Tennessee.
Alex. Brown is set to become a division of Raymond James when the broker-dealer wraps up its purchase of the U.S. Private Client Services unit of Deutsche Bank Wealth Management. The deal is expected to close in September.
"Throughout his 35-year financial services career, Seth has earned the respect and admiration of colleagues and clients alike while developing lasting relationships across the marketplace," said Raymond James CEO Paul Reilly, in a statement. "Adding a professional with his experience and contacts will not only benefit the future Alex. Brown division, but Raymond James overall."
According to the firm, Waugh will focus on client and advisor relationships, as well as Alex. Brown's strategic direction. Prior to joining Deutsche Bank in 2000, Waugh was CEO of Quantitative Financial Strategies, a $2.5 billion hedge fund. He also spent 11 years at Merrill Lynch, including time as co-head of Global Debt Markets.
Waugh has served on the board of the Securities Industry and Financial Markets Association and the Financial Industry Regulatory Authority. He is a board member of Franklin Templeton Investments and a member of the advisory boards of Workday Inc., and the Professional Golfers' Association of America. He helped launch the Deutsche Bank Americas Advisory Board in 2006, serving as its chairman since his retirement in 2013.
"Seth's dedication to the community has always been an important and meaningful focus throughout his career," said Haig Ariyan, future president of Alex. Brown, in a statement. "He currently serves on the board of directors for the 9/11 Memorial and the board of trustees for Wake Forest University … I look forward to welcoming Seth to Alex. Brown and Raymond James upon the closing of the transaction."
Last month, Raymond James said more than 90% of the Deutsche Bank reps had committed to join Raymond James and form the Alex. Brown division.
The Alex. Brown group is reported to have about 200 advisors in it, as well as some $50 billion of client assets. It has had past yearly sales of $300 million and caters to high-net-worth clients.
