Raymond James Financial announced on Wednesday that it will acquire Silver Lane Advisors, a boutique investment bank focused on M&A in the financial services sector, and form a new asset and wealth management group within its financial services investment banking practice.
The new group will comprise nearly 50 investment bankers covering asset managers, wealth managers, insurance companies, banks, thrifts, specialty finance companies and business development companies. They will support mergers and acquisitions, public offerings, private placements and restructurings of equity and debt.
The transaction makes Raymond James a major player in the RIA world. Until now, it has operated a small custodian business that has failed to achieve the scale of major players like Schwab, Fidelity, TD Ameritrade and Pershing.
Silver Lane specializes in mergers in the rapidly consolidating RIA universe, a space dominated by other boutique firms like itself. Raymond James not only has a substantial M&A investment banking unit of its own but it can bring capital markets capabilities to bear in various transactions.
Terms of the deal were not released. The transaction is expected to close by April.
“Consistent with our long-term view of consolidation across the financial services space, we see particular opportunity in the asset management and wealth management categories, which is where Silver Lane excels with unparalleled expertise,” said Jim Bunn, president of Raymond James Global Equities & Investment Banking, in released comments. “Integrating their deeply experienced professionals into our existing financial services practice further positions us to capitalize on the growing demand for asset and wealth management expertise, while offering clients a broader range of capabilities.”
Founded in 2007, Silver Lane Advisors grew into a boutique investment bank specializing in mergers and acquisitions. The firm has offices in New York City, Chicago and San Francisco.
Elizabeth Bloomer Nesvold, founder and managing partner of Silver Lane Advisors, said certain members of her firm’s management team will enter the management structure of St. Petersburg, Fla.-based Raymond James’ investment bank.
“Raymond James brings to Silver Lane and our clients full-service investment banking capabilities with global reach and a like-minded commitment to providing clients with senior-banker expertise and involvement every step of the way,” said Nesvold in an e-mail message on Wednesday. “Simply stated, our continued ability to generate exceptional outcomes for our clients is enhanced dramatically by combining Silver Lane’s deep expertise with Raymond James’ extensive resources.”