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Raymond James Financial To Acquire SumRidge Partners

Written by Customer Service on . Posted in Mergers And Acquisitions.

ST. PETERSBURG, Fla., March 28, 2022 (GLOBE NEWSWIRE) — Raymond James Financial, Inc. (NYSE: RJF) announced today that it has reached an agreement to acquire SumRidge Partners, LLC, a top ranked, technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities. The transaction is subject to certain regulatory and other closing conditions.

The addition of SumRidge Partners to the firm’s Fixed Income Capital Markets (FICM) division adds an innovative institutional market-making operation with sophisticated trading technologies and risk management tools. Founded in 2010 with the vision of becoming a premier, technology-enabled fixed income market maker, SumRidge Partners currently ranks among the top liquidity providers for cash trading on most major electronic bond platforms. The SumRidge organization has about 45 employees.

“This acquisition is further evidence of our commitment to provide cutting-edge technology to advisors, clients and stakeholders,” said Paul Reilly, Raymond James chair and CEO. “In addition to being a strong strategic fit, SumRidge Partners has a culture that closely resembles our own. Beyond valuing entrepreneurialism and teamwork, we both operate conservatively by prioritizing long-term decision making with high standards for performance and integrity.”

SumRidge Partners’ institutional market-making operation will sit alongside and complement Raymond James’ core client-facing business with the goal of identifying additional opportunities for the two business units. Based in Jersey City, New Jersey, SumRidge Partners will operate within FICM under the leadership of its co-founders, CEO and president Tom O’Brien and Chairman Kevin Morano, both of whom will become senior managing directors.

“SumRidge is an exciting combination of a strong team and advanced technology that will only enhance Raymond James’ position in a rapidly evolving fixed income and trading technology marketplace,” said Horace Carter, executive vice president and president of Fixed Income. “We are pleased that Tom, Kevin and their very capable leadership teams will continue to run the market-making business independently and look forward to the opportunity to leverage their technologies to better serve our clients.”

“We are very excited to become a part of the Raymond James team,” said Morano. “We share a common vision for how to grow our business and we see tremendous opportunity for both firms in this partnership. Leveraging SumRidge’s technological strengths with Raymond James’ robust distribution will allow us to compete at the highest level.”

The Raymond James Fixed Income division includes more than 500 associates across Sales, Trading, Research & Strategy and Public Finance/Debt Investment Banking.

Piper Sandler served as exclusive financial advisor and Gunderson Dettmer was legal counsel to SumRidge Partners.

 

About Raymond James Financial, Inc.

Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.24 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.

CONTACT: Media Contact: Steve Hollister
Raymond James
727.567.2824

Investor Contact: Kristina Waugh
Raymond James
727.567.7654

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