Fast-growing St. Petersburg investment firm Raymond James Financial Inc. is in talks to buy the U.S. private-client brokerage of Deutsche Bank AG, Europe's largest investment bank. The sale does not include Deutsche Bank's U.S. private bank, which handles some of its wealthiest clients, according to a report Thursday by Bloomberg News, citing unidentified people it said were briefed on the matter.
Deutsche Bank's U.S. private-client brokerage manages money for individuals and has about 250 advisers. If such a significant deal occurs, it will be the latest in a series of growth moves by Raymond James in adding seasoned financial advisers to its brokerage. The U.S. private-client business, once part of Alex. Brown, was acquired by Deutsche Bank when it bought Bankers Trust Corp. in 1999. The $9 billion deal was a record at the time for a foreign purchase of a U.S. investment bank, according to Bloomberg. Raymond James shares closed up 3.42 percent Thursday at $51.96 on the news of a possible deal. Both companies declined comment.