Raymond James Financial has found a new chairman for the new private client services unit it is acquiring from Deutsche Bank Wealth Management.
The company has tapped Seth Waugh, the former CEO of Deutsche Bank Americas, to act as non-executive chair of the new unit after the deal is closed in September 2016. The new unit is being called Alex. Brown, reviving the storied name of investment bank absorbed by others in the 1990s.
Before joining Deutsche Bank in 2000, Waugh was the CEO of Quantitative Financial Strategies, a $2.5 billion hedge fund. He also spent 11 years at Merrill Lynch in various roles, eventually being named co-head of global debt markets, which at the time was the firm’s most profitable division.
“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 on Monday. “Adding a professional with his experience and contacts will not only benefit the future Alex. Brown division, but Raymond James overall.”
Alex. Brown was formerly Alex. Brown & Sons, acquired by Deutsche Bank in 1999 from Bankers Trust and eventually rebranded as Deutsche Bank’s U.S. Private Client Services Unit.
Raymond James announced that it would revive the name when it announced the acquisition of the unit. The purchase brings in approximately 200 advisors and $50 billion in assets to the St. Petersburg, Fla., company.