Raymond James buys Howe

ST. PETERSBURG — Raymond James Financial Inc. agreed to buy Howe Barnes Hoefer & Arnett Inc., a Chicago-based brokerage, for an undisclosed amount. Howe Barnes manages more than $1.9 billion in assets for 4,500 clients, and employs 115 associates.

Current Howe Barnes CEO Dan Coughlin will join the Raymond James team as a managing director of investment banking, a release said.

Raymond James serves 1.9 million accounts from 2,300 locations throughout the United States. Earlier this month, Executive Chairman Tom James spoke with the Business Review about the St. Petersburg-based company's future.