* Raymond James to buy Howe Barnes Hoefer & Arnett
* Deal adds 4,500 wealth clients, $1.9 bln in assets
* Howe Barnes CEO will join Raymond James as executive
CHARLOTTE, N.C., Dec 29 Raymond James Financial
Inc (RJF.N) said on Wednesday it had agreed to buy a
Chicago-based brokerage firm that will add $1.9 billion in
assets to its wealth management business.
Terms of the deal to purchase Howe Barnes Hoefer & Arnett
Inc were not disclosed, but Raymond James expects it to close
by March 31, 2011.
As part of the buyout, Howe Barnes Chief Executive Dan
Coughlin will join Raymond James as an investment banking
managing director, and co-head the company's financial
The announcement comes less than a month after Raymond
James Chief Executive Paul Reilly said the St. Petersburg,
Florida-based brokerage and investment bank had "half a dozen"
potential deals "in the hopper." [ID:nN08177914]
The deal continues to expand Raymond James' U.S. brokerage
presence. The company currently has $254 billion in total
client assets under management, with 5,300 financial advisers
serving 1.9 million accounts.
(Reporting by Joe Rauch, editing by Maureen Bavdek)