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.
Additional terms of the deal, including purchase prices, were not disclosed in the release. The acquisition is pending regulatory approval.
“This acquisition is further evidence of our commitment to provide cutting-edge technology to advisors, clients and stakeholders,” Raymond James Chair and CEO Paul Reilly states in the release. “In addition to being a strong strategic fit, SumRidge Partners has a culture that closely resembles our own. Beyond valuing entrepreneurialism and teamwork, we both operate conservatively by prioritizing long-term decision making with high standards for performance and integrity.”
St. Petersburg-based Raymond James Financial (NYSE: RJF) has $1.24 trillion in client assets under management. Its gross revenue rose from $7.76 billion in 2020 to $9.81 billion in 2021, an increase of more than 26%.