Tuesday, January 23, 2018
Business

Raymond James Financial inks $172.5 million deal to buy Scout Investments

ST. PETERSBURG — Continuing a growth curve that is showing no sign of abating, St. Petersburg-based Raymond James Financial announced this morning that it is buying Kansas City-based Scout Investments from the UMB Financial Corp. in a $172.5 million deal.

The agreement includes Scout's Reams Asset Management division, and Raymond James said in a news release Scout and Reams would join its subsidiary, Carillon Tower Advisers, a global asset management firm.

Once Scout joins the Carillon subsidiary, the operation will have combined assets of more than $60 billion, Raymond James said.

The deal is the latest sign that Raymond James is maturing as a major non-Wall Street power in the financial industry. Such growth is propelled by record profits and the fact that Raymond James now carries enough heft to recruit and retain veteran financial advisers from the bigger New York firms.

PREVIOUS COVERAGE: In latest milestone, Raymond James Financial joining S&P 500 index group of companies

"Building on our strong foundation of asset management expertise is a key component of the firm's growth strategy and its focus on providing retail and institutional clients with sophisticated investment options, said Raymond James Chairman and CEO Paul Reilly in a statement. "As with all additions to the Raymond James family, Scout and Reams bring complimentary cultures and management philosophies to the asset management division."

Scout was founded as a division of UMB in 1982. Scout and Reams have a combined $27 billion under management and advisement. Raymond James describes Reams as an institutional-focused fixed income specialist with Scout as an equity asset manager.

"The addition of these well-recognized franchises to our multi-boutique model is a natural extension of our long-term growth strategy," said Carillon Tower president and chairman Cooper Abbott.

In late 2015, Raymond James announced its acquisition of part of Deutsche Bank's wealth management business in a transaction analysts pegged at about $420 million, a deal that added 200 Deutsche financial advisers of high-end and ultra high-end clients to the company's fold.

Raymond James' biggest acquisition, however, came in 2012 when it purchased the Morgan Keegan regional brokerage firm in Memphis for $930 million.

Raymond James has leveraged itself as being different from the nation's biggest financial houses with Reilly noting in 2012 when the firm acquired the Deutsche Bank business, "We are the premier alternative to Wall Street."

Contact William R. Levesque at [email protected] Follow @Times_Levesque.

Comments
Sheriff Bob Gualtieri severs contract with CareerSource Pinellas

Sheriff Bob Gualtieri severs contract with CareerSource Pinellas

Pinellas Sheriff Bob Gualtieri severed his agency’s contract with CareerSource Pinellas on Monday after learning that the jobs center told the state it helped 624 sheriff’s employees get hired since 2014.The sheriff said he has no record of CareerSou...
Updated: 6 hours ago
Water Street Tampa sketches vision for Marriott Waterside (with video)

Water Street Tampa sketches vision for Marriott Waterside (with video)

TAMPA — Water Street Tampa developers outlined some broad goals for their planned $40 million renovation of the Tampa Marriott Waterside Hotel & Marina in a video posted to social media on Monday.In short, they want a hotel that feels inclusive, not ...
Updated: 9 hours ago
Solar industry on edge as Trump weighs tariffs on panels

Solar industry on edge as Trump weighs tariffs on panels

Associated PressDALLAS — Some in the U.S. solar-power industry are hoping a decision this week by President Donald Trump doesn’t bring on an eclipse. Companies that install solar-power systems for homeowners and utilities are bracing for Trump’s call...
Published: 01/22/18
Tampa Bay ranks No. 5 for top moving destinations

Tampa Bay ranks No. 5 for top moving destinations

TAMPA — Tampa Bay was the No. 5 moving destination in 2017. Penske Truck Rental’s annual list ranks metro areas based on the number of one-way moving truck rentals to them.The Tampa Bay region, which includes Sarasota, held its position from 2016. It...
Published: 01/22/18
Free clinics respond as more people head to the ER with dental problems (w/video)

Free clinics respond as more people head to the ER with dental problems (w/video)

Charles Lee had been dealing with an excruciating toothache for days. The pain made it hard to eat or sleep or focus on work. But Lee, 54, didn’t have dental insurance. His job as a delivery truck driver offered only a supplemental policy that was to...
Published: 01/22/18
Fur and fury at 40,000 feet as more people bring animals on planes

Fur and fury at 40,000 feet as more people bring animals on planes

When Marlin Jackson arrived at his row on a Delta flight from Atlanta to San Diego in June, the middle seat was already occupied by a man with a sizable dog on his lap. Jackson squeezed by them to his window seat, and the Labrador mix lunged at his f...
Published: 01/22/18
Teens who spend less time in front of screens are happier - up to a point, new research shows

Teens who spend less time in front of screens are happier - up to a point, new research shows

In recent months, Silicon Valley executives have been speaking out about the purposely addictive designs of smartphones and social media, which make them hard to put down for anyone, but particularly teenagers. Now, a new report puts numbers to the w...
Published: 01/22/18
Sirata Beach Resort is getting a $15-million facelift

Sirata Beach Resort is getting a $15-million facelift

ST. PETE BEACH — A year ago, the longtime owners of the Sirata Beach Resort & Conference Center acknowledged they couldn’t afford the improvements it needed. They sold the 382-room hotel to a Texas company.Now the new owner has launched a $15 million...
Published: 01/22/18
This is how MoviePass hopes to make money off your low-cost subscription

This is how MoviePass hopes to make money off your low-cost subscription

MoviePass is a film nerd’s dream. The subscription service allows users to see one movie a day at a theater for a single monthly cost. The service isn’t new, but it’s become popular among a lot more than movie buffs in the past few months.During its ...
Published: 01/22/18
Florida pump prices jump 10 cents, highest in four years

Florida pump prices jump 10 cents, highest in four years

Gas is off to an expensive start this year — the most expensive start since 2014. Florida pump prices jumped 10 cents in the past week to hit $2.54 per gallon Monday, 18 cents more than last month, according to AAA The Auto Club Group. Tampa Bay gas ...
Published: 01/22/18