ST. PETERSBURG, Fla., Jan. 12 (UPI) — Florida financial firm Raymond James Financial said Thursday it would purchase Morgan Keegan & Co. based in Memphis, Tenn., for $930 million.
The deal with parent company Regions Financial includes related Morgan Keegan affiliates, Raymond James said in a statement.
“While our preference is generally organic growth, we have used strategic mergers to grow throughout our history when the timing and pricing are right,” said Raymond James Chief Executive Officer Paul Reilly.
Adding to Raymond James’ private client wealth management and capital markets businesses is “a major step toward achieving our vision of being the premier alternative to Wall Street,” the statement said.
The purchase adds another 1,000 financial advisers to Raymond James’ workforce, making a total of 6,000 financial advisers working for the firm post merger.
Morgan Keegan CEO John Carson will stay with the company, taking the role of president overseeing fixed income and public finance departments. The statement said Raymond James would also fold in other Morgan Keegan senior executives in roles “to be determined.”