St. Petersburg, Fla.-based Raymond James Financial has completed the acquisition of Deutsche Bank Wealth Management’s U.S. Private Client Services Unit, which has been rebranded to Alex. Brown.
Raymond James previously announced that 193 advisors, more than 90 percent of the Deutsche Bank Wealth Management advisor force pre-transaction, will join Alex. Brown in 16 branch locations concentrated in the northeast and the west coast of the U.S.
“This combination continues our focus on strategic additions to augment consistent organic growth while also complementing our core private wealth business in geographic areas targeted for expansion,” said Raymond James CEO Paul Reilly in a released statement. “That such a large percentage of legacy advisors agreed to join Raymond James as part of this agreement speaks highly of our values-oriented culture and the sophistication of our offerings.”
The Alex. Brown division of Raymond James will be headed by Haig Ariyan, the unit’s president, who formerly served as co-head of Deutsch Bank Wealth Management Americas. Ariyan will report to Dennis Zank, Raymond James’ chief operating officer.