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Raymond James closes on acquisition of Deutsche Bank unit

Raymond James Financial Inc. has closed on its acquisition of Deutsche Bank AG's U.S. private-client services unit, adding 193 financial advisers to its network.

The Deutsche Bank unit has been converted and rebranded as Alex. Brown, a unit of St. Petersburg-based Raymond James.

Raymond James said more than 90 percent of the advisers originally included in the deal announced last December are joining Alex. Brown in 16 branches in the Northeast and West Coast.

At the time of the deal, the 200 Deutsche Bank advisers had about $50 billion of client assets under administration, generating about $300 million in total annual revenues.

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