Raymond James says its Custody & Clearing Division will be working with Capitol Securities Management, which has about $5 billion in client assets, once the organization ends its ties to Pershing in the spring.
Capitol Securities Management is a privately owned, regional brokerage and investment firm based in Glen Allen, Virginia. Its employee and independent advisors work in over a dozen offices on the East Coast.
"We are delighted to welcome Joe, Mark and the whole Capitol Securities team to Raymond James," said Robb Combs, director of Raymond James' custody and clearing unit, in a statement. "Our client-first culture was obviously a strong attractor, and we believe our partnership will provide them a much greater opportunity to expand in their chosen markets."
"We did not make this decision to change lightly," said Capitol Chairman & CEO Joseph Jianos, in a statement. "But we needed a correspondent clearing partner who could help us not only maintain, but also assist in growing our financial advisor population by providing superior products and service levels."
Raymond James also said this week that it recruited a husband-and-wife team from Merrill Lynch with about $160 million in client assets to its employee channel: Marty Carroll and Jennifer Carroll have joined Raymond James & Associates' branch in West Hartford, Connecticut.
