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Business Observer Thursday, Oct. 21, 2021 3 months ago

Raymond James to acquire $12B financial services firm

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The deal with Pittsburgh-based TriState Capital Holdings is valued at approximately $1.1 billion.

ST. PETERSBURG — Raymond James Financial Inc. (NYSE: RJF) has inked a deal to acquire TriState Capital Holdings Inc. (NASDAQ: TSC), a Pittsburgh-based financial services firm that boasts more than $12 billion in assets, for $1.1 billion in cash and stock.

According to a news release, the deal is expected to close in 2022, pending regulatory approvals and approval by TriState Capital shareholders. The firm and its subsidiary, asset management franchise Chartwell Investment Partners, will continue to operate under their respective brands. Chairman Jim Getz, TriState CEO Brian Fetterolf and Chartwell CEO Tim Riddle will retain their roles, while 350 employees are expected to remain with the company at its existing offices.

“TriState Capital has a terrific, client-centric franchise focused on serving clients with premier private banking, commercial banking and niche investment management products and services,” Raymond James Chairman and CEO Paul Reilly states in the release. “As we have followed the firm and management team over the past several years, including as its largest deposit client, we’ve admired its leadership position in offering securities-based lending through a scalable and robust technology platform.”

Founded in 2007, TriState is a provider of securities-based loans for clients of independent investment advisory firms, trust companies, broker-dealers, regional securities firms, family offices and insurance companies. Its banking franchise includes private banking and middle-market-focused commercial lending with approximately $10 billion in loans. Chartwell Investment Partners manages assets of approximately $11 billion, predominantly in equity and fixed income strategies.

“We founded TriState Capital 14 years ago because we saw an incredible opportunity to build a successful company built on a commitment to independence, a long-term perspective, integrity and putting clients squarely at the center of everything we do and every decision we make,” Getz states in the release. “Raymond James shares those values and allows us to be part of one of the most highly regarded financial services companies in the nation. Our clients will continue to benefit from working with the same talented teams and the TriState Capital and Chartwell brands they already know so well, along with the technology we’ve invested in to provide an exceptional and responsive client experience.”

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