FOR IMMEDIATE RELEASE
January 26, 2012
RAYMOND JAMES ANNOUNCES
EAGLE ASSET MANAGEMENT LEADERSHIP
ST. PETERSBURG, Fla. – Co-chief operating officers Richard Rossi and Cooper Abbott will assume leadership of Raymond James subsidiary Eagle Asset Management effective Feb. 1, 2012, according to Thomas A. James, chairman of the Eagle board of directors and executive chairman of Raymond James.
As part of Raymond James’ overall succession plan for the firm and its affiliates, Rossi and Abbott are taking over following the announcement this week that Richard K. Riess, executive vice president of the firm’s Asset Management Group, CEO of Eagle Asset Management and chairman of the board of trustees of the Eagle Family of Funds, will step down on January 31, 2012. Riess will transition from his current role to work on special projects for Raymond James until the end of the year, when he will retire after more than 35 years of service to the firm.
Raymond James CEO Paul Reilly joined James in citing Rossi’s and Abbott’s industry experience, impressive results and their long tenures as evidence that they are up to the challenge of continuing Eagle’s growth.
“I and the Eagle board of directors have the utmost confidence in Richard and Cooper,” Reilly said. “They have demonstrated tremendous leadership and knowledge over their careers, and clients can expect a seamless transition.”
Rossi has served as president and co-chief operating officer since 2009 and 2007, respectively. He joined Eagle in 1985, staying five years before departing to pursue other opportunities. He returned in 2000. Abbott joined Raymond James in 2001 and has served as executive vice president and co-chief operating officer of Eagle since 2009.
Rossi and Abbott will also assume any additional responsibilities held by Riess with respect to his position as CEO of Eagle and will report to Thomas A. James, chairman of Eagle Asset Management’s board of directors and Raymond James’ executive chairman. Additionally, Rossi will continue to report to the Eagle Family of Funds as president of each fund. The Eagle Family of Funds Board of Trustees will consider changes to the composition of the board during its next regularly scheduled meeting in February 2012.
There are no changes to the ownership or control of Eagle or the Eagle Family of Funds resulting from Riess’s retirement, or any material change in investment advisory or portfolio management services provided by Eagle.
About Raymond James Financial, Inc.
Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have approximately 5,400 financial advisors serving 2 million accounts in 2,400 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $270 billion, of which approximately $35 billion are managed by the firm’s asset management subsidiaries.
To the extent that Raymond James makes or publishes forward-looking statements (regarding management expectations, strategic objectives, business prospects, anticipated expense savings, financial results, anticipated results of litigation and regulatory proceedings, and other similar matters), a variety of factors, many of which are beyond Raymond James’ control, could cause actual results and experiences to differ materially from the expectations and objectives expressed in these statements. These factors are described in Raymond James’ 2011 annual report on Form 10-K, which is available on RAYMONDJAMES.COM and SEC.GOV.
In addition to those factors, the following factors, among others, could cause actual results to differ materially from forward-looking or historical performance: the possibility that regulatory and other approvals and conditions to the transaction are not received or satisfied on a timely basis or at all; the possibility that modifications to the terms of the transaction may be required to obtain or satisfy such approvals or conditions; changes in the anticipated timing for closing the transaction; difficulty integrating Raymond James’ and Morgan Keegan’s businesses or realizing the projected benefits of the transaction; the inability to sustain revenue and earnings growth; changes in the capital markets; and diversion of management time on transaction related issues.
For more information, please contact Steve Hollister at 727-567-2824.
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