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As recently announced, after considerable due diligence, Raymond James plans to purchase Deutsche Bank’s U.S. Private Client Services Unit and revive the unit‘s founding name, creating Alex. Brown, a division of Raymond James. As described in the letter below from Raymond James CEO Paul Reilly, the firm believes this is a strong partnership for continued growth and ability to serve investor clients.
All references to "Alex. Brown, a division of Raymond James" in this communication are intended for illustrative purposes only, are conditioned upon the closing of the transaction whereby Raymond James acquires Deutsche Bank's Private Client Services business, and should not be distributed outside the organization.
To clients, current and future:
Raymond James recently announced that the firm has agreed to acquire Deutsche Bank AG’s U.S. Private Client Services unit, adding up to 200 financial advisors in key geographic areas throughout the United States, as well as additional associates to our product and support team. The press release announcing the agreement is available here.
In recognition of the unit’s original founding in 1800 under Alex. Brown & Sons, the nation’s first investment bank, Raymond James will revive the name and create Alex. Brown, a division of Raymond James.
As a growth company, Raymond James has publicly stated our intention to grow our business through the addition of individuals and teams, as well as through key strategic acquisitions when they fit our cultural, strategic and price parameters. This purchase agreement is a strong example of that, one we are able to undertake because of our solid balance sheet and liquidity.
This is a powerful partnership, built on the highly regarded reputation of Alex. Brown and the comprehensive resources and advisor-centric culture of Raymond James.
However, for existing clients, this addition means nothing new – you’ll simply benefit from additional resources available to you through your relationship with your financial advisor.
For future clients, we look forward to introducing you to a firm guided by values – the most important being our commitment to putting clients first.
Of course, for all clients, our first priority will be to maintain the strong client-service reputation that has differentiated Raymond James for over 50 years.
There are many more details to share – including a timeline for officially welcoming these new advisors and clients to the family. In the meantime, I am excited to share this news, as I am confident this addition further solidifies Raymond James’ position as the premier alternative to Wall Street, providing resources on par with our largest competitors within an environment where client service and conservative management principles ensure we remain a strong, dependable partner for your financial success.
Paul C. Reilly
CEO, Raymond James Financial