Raymond James to invest $420m in Deutsche private-client deal

Raymond James Financial said it expects an investment cost of more than $400m in the company’s planned purchase of Deutsche Bank’s U.S. private-client services unit.

Bloomberg News reports that the final figure will depend on how many Deutsche Asset & Wealth Management advisers join Raymond James, the buyer said in a regulatory filing Monday. The document offers more detail than Raymond James’s disclosure in December that it will spend about 1.4 times revenue.

'Based upon the number of Deutsche AWM financial advisers as of December 3, 2015, our total investment including retention incentives provided directly to financial advisers would approximate $420m', Raymond James said in Monday’s document. 'At the present time, we have the ability to utilize our cash on-hand as of the closing date to fund the purchase obligation and retention incentives'.

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

Raymond James Sees $420 Million Investment on Deutsche Bank Deal

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