Haig Ariyan, president of Raymond James’ Baltimore-based Alex. Brown division and head of the firm’s Global Wealth Solutions unit, will exit the company to pursue an outside opportunity, effective July 15, the company announced.

“Haig has been instrumental in the successful integration and subsequent growth of the Alex. Brown business following the acquisition of the US Private Client Services Unit of Deutsche Asset & Wealth Management in 2016,” Paul Reilly, CEO and financial chair of Raymond James, said in a prepared statement. “He has been a distinguished leader, cultivating and developing strong management teams, which will help ensure smooth transitions. I have every confidence in the continued success of both Alex. Brown and our Global Wealth Solutions team, and wish Haig well in his future endeavors.”

Following Haig’s departure, Alex. Brown and Global Wealth Solutions Chief Operating Officer Michael Tormey, along with John Sutton and Brett Kellam, both Alex. Brown managing directors, will report to Raymond James & Associates President and CEO Tash Elwyn, the release said.

Bill Seugling, managing director of the firm’s Investment Solutions group, has been appointed head of Global Wealth Solutions, reporting to Raymond James’ Private Client Group (PCG) President Scott Curtis, the release said.

Tormey joined Raymond James in the acquisition of the U.S. Private Client Services Unit of Deutsche Asset & Wealth Management, where he was COO. He joined Deutsche Bank in 2004 and began his career at Bankers Trust Company in 1992.

Seugling joined Raymond James in the acquisition of the U.S. Private Client Services Unit of Deutsche Asset & Wealth Management, where he was managing director. He joined Deutsche Bank in 2008 and began his career at Greenwich Associates in 1991.

Sutton joined Raymond James in the acquisition of the U.S. Private Client Services Unit of Deutsche Asset & Wealth Management, where he was managing director. He joined Deutsche Bank in 2013 and began his career as a practicing attorney with Donovan Leisure Newton & Irvine in 1993. 

Kellam joined Raymond James in the acquisition of the U.S. Private Client Services Unit of Deutsche Asset & Wealth Management, where he was managing director. He joined Deutsche Bank in 2009 and began his career at Paine Webber in 1981.

“Haig’s leadership and contributions have been instrumental to our growth and success,” Curtis said in the news release. “In addition, under his leadership, our Global Wealth Solutions group has expanded resources and enhanced capabilities, offering best-in-class wealth planning, investment and insurance solutions and insights to address evolving advisor and client needs and expectations.”

Ariyan joined Alex. Brown in 1996, starting as an advisor in the firm’s Greewich, Conn., office, before ascending the corporate ladder to management. Next month, he will relinquish the reins of command at Alex. Brown to join New York City-based private equity firm RedBird Capital Partners in establishing a new asset and wealth management platform, according to Reuters. Reuters reported that RedBird would fund the venture, which Ariyan will build.

Founded in 2014 by former Goldman Sachs partner Gerry Cardinale, RedBird reported having more than $6 billion in assets, investing in sports, financial services, and consumer companies, according to the firm’s website. It reportedly relies on a network of more than 400 entrepreneurs and family offices for its investment sourcing strategy.

“Raymond James’ well-regarded culture allowed me and the Alex. Brown team to evolve our business through a combination of entrepreneurialism and focused attention on advisors and their clients’ individual wealth planning needs,” Haig said in the news release. “Working alongside a talented team of professionals with such a deep pool of resources and ideas has been an honor, and I’m excited to see how Alex. Brown and the Global Wealth Solutions group grow on the foundations we built together. I’m confident their records of success will continue.”

Headquartered in St. Petersburg, Fla., Raymond James Financial Inc. is a diversified financial services company with 8,700 financial advisors worldwide, and total client assets of $1.18 trillion.