Home » Raymond James Financial Acquires Morgan Keegan For $930M

Raymond James Financial Acquires Morgan Keegan For $930M

By wmadministrator

Raymond James Financial Inc. has announced a definitive stock purchase agreement to acquire Memphis-based Morgan Keegan & Co. Inc. for $930 million.

“While our preference is generally organic growth, we have used strategic mergers to grow throughout our history when the timing and pricing are right and, most importantly, when there is a strong cultural fit and clear path for integration,” said Paul C. Reilly, CEO of Florida-based Raymond James Financial. “This merger … represents a major step toward achieving our vision of being the premier alternative to Wall Street.”

The combined businesses of Raymond James and Morgan Keegan will create one of the country’s largest full-service wealth management and investment banking firms not headquartered on Wall Street. The addition of Morgan Keegan’s more than 1,000 private client financial advisors increases Raymond James’ advisor count to more than 6,000.

Raymond James officials say they are committed to maintaining a large presence in Memphis, where the firm has had retail and institutional offices for years prior to merging with Morgan Keegan. Raymond James’ fixed income and public finance businesses will be centered in Memphis and the firm intends to continue to operate a regional support center there. Morgan Keegan CEO John Carson will joined Raymond James as president and will oversee the firm’s fixed income and public finance operations.

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