Deutsche Bank reaches agreement to sell U.S private-client services unit

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Raymond James Financial agreed to buy Deutsche Bank’s U.S. private-client services unit, adding offices in the Northeast and mid-Atlantic region.

Bloomberg News reports that Haig Ariyan, co-head of wealth management in the Americas for Deutsche Asset & Wealth Management, will join St. Petersburg, Florida-based Raymond James along with other executives as part of the deal, according to a statement Thursday from the U.S. firm.

The sale doesn’t include Deutsche Bank’s U.S. private bank, which handles some of its wealthiest clients.

Raymond James CEO Paul Reilly has been boosting the firm’s growth through acquisitions. 

'The agreement significantly accelerates our expansion', Reilly said in a conference call about the deal, which is expected to be completed in the third quarter of 2016. 

To access the complete Bloomberg News article hit the link below:

Raymond James to Buy Deutsche Bank U.S. Private-Client Unit

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