St. Petersburg, Fla.-based Raymond James Custody & Clearing Division announced on Wednesday a new $5 billion client relationship with Glen Allen, Va.-based Capitol Securities Management.
Capitol Securities Management, a privately owned regional brokerage primarily serving the U.S. east coast, formerly cleared with Pershing.
“We did not make this decision to change lightly, 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,” said Joseph Jianos, chairman & CEO of Capitol Securities, in released comments.
Jianos also remarked that Raymond James’ ability to serve Capitol Securities’ independent platform as well as its traditional employee business influenced the decision.