Jan 9 (Reuters) - Chet Helck, the chief executive of Raymond James Financial’s global private client group, will retire from the firm and its board in February, the St. Petersburg, Florida-based company said Thursday.
Helck, 61, is a 25-year veteran of the company and currently oversees its six retail broker/dealer units and their approximately 7,000 brokers throughout the United States and the United Kingdom. The private client group, which Helck has led since 2002, is the largest of the investment bank’s businesses.
“Chet ... has managed our core business through challenging markets while delivering consistently excellent results,” Paul Reilly, chief executive of Raymond James Financial said in a prepared statement.
Helck has a wide profile in the broader retail brokerage world, having served as chairman of the Securities Industry Financial Markets Association, Wall Street’s major trade group, in 2013.
As part of the company’s management succession plan, Scott Curtis, president of Raymond James Financial Services and its 3,200 independent contractors, and Tash Elwyn, president of Raymond James & Associates’ and its 2,400 directly employed brokers, will join the firm’s executive committee pending approval of the company’s board in February, the firm said.
Helck made his name at the firm by helping to develop the independent brokerage unit. The company said he will remain with the firm as a special senior adviser through the end of 2014 to ensure an orderly transition. It did not name his direct replacement.
Shares of Raymond James, which became a public company in 1983, have risen 38 percent since the end of 2012.