Steward Partners Global Advisors LLC, an employee-owned, independent partnership associated with Raymond James Financial Services, has acquired the wealth management business operated through Umpqua Investments, the companies announced today in a news release.

Headquartered in Portland, Ore., Umpqua Investments is an affiliated company of Umpqua Holdings Corp., d.b.a. Umpqua Bank, which was founded in 1928. Its 23 financial advisors manage $3.4 billion in client assets, generating $15 million in revenue.

Financial details of the transaction, which is expected to close in the first quarter of 2021, were not disclosed.

Under terms of the agreement, Steward Partners will serve as the primary investment partner for Umpqua Bank customers, while Umpqua’s financial advisors will become equity partners and employees of Steward Partners Global Advisory, expanding Steward’s national footprint. 

"Building out our presence on the West Coast has always been key to our growth plans and our goal of a national presence," James Gold, Steward Partners Global Advisory CEO, said in the news release. "The acquisition of Umpqua Investments' wealth management business is an important step in this direction.”

With locations across New England, and the Mid-Atlantic and Southern U.S., and $16.4 billion in client assets, New York City-based Steward Partners is one of the fastest-growing independent wealth advisory firms in the country. 

According to Umpqua Holdings CEO Cort O'Haver, his firm’s partnership with Steward will be mutually beneficial, allowing Umpqua to provide greater value to its customers and further growth opportunities for the bank. 

"Leveraging Steward Partners’ and Raymond James’ deep resources and expertise in the wealth advisory space allows us to provide current investors [with] enhanced access to the very highest level of expertise and service, and also frees [up] additional resources as we continue to advance our position as a leading West Coast commercial bank," he said in the news release.

The law firm of Goodwin Procter LLP advised Steward Partners in the transaction, while the law firm of Benesch Friedlander Coplan & Aronoff LLP represented Umpqua Bank. The asset and wealth management investment banking team of Raymond James advised both parties throughout the course of negotiations.