Raymond James to acquire New Jersey firm

ST. PETERSBURG — Raymond James Financial Inc. has reached an agreement to buy SumRidge Partners LLC, a Jersey City, New Jersey-based financial services firm that specializes in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities.

According to a news release, the acquisition will strengthen Raymond James’ fixed income capital markets division, adding sophisticated trading technologies and risk management tools. SumRidge, which has 45 employees, will continue to be led by co-founders Tom O’Brien and Kevin Morano, both of whom will become senior managing directors at Raymond James.