Raymond James Financial is a diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies that engage primarily in investment and financial planning, in addition to investment banking and asset management. Raymond James Financial has three wholly owned broker-dealers, Raymond James & Associates (RJ&A), Raymond James Financial Services (RJFS) and Raymond James Limited (RJL); and Raymond James Investment Services Limited (RJIS), a majority-owned independent contractor subsidiary in the United Kingdom.
As of August 31, 2013, Raymond James has approximately 6,200 financial advisors serving more than 2.5 million accounts in approximately 3,000 locations throughout the United States, Canada and overseas. Total client assets under management are approximately $425 billion. Raymond James corporate headquarters is located in St. Petersburg, Florida.
On April 2, 2012, Raymond James merged with Morgan Keegan & Company. The merger created one of the country's largest full-service wealth management and investment banking firms not headquartered in New York.
1 Raymond James businesses
1.1 Private Client Group,
1.2 Capital Markets,
1.3 Asset Management Group,
1.4 Raymond James Bank,
2 Awards and accolades
3.1 SEC v. Dennis Herula,
3.2 Supervision of branch managers,
3.3 Auction rate securities,
3.4 Excessive commissions,
4 Marketing and advertising
4.1 Raymond James Stadium,
4.2 Raymond James and the arts,
Raymond James businesses:
Private Client Group:
The Private Client Group is Raymond James's retail segment, which consists of 6,300 financial advisors, affiliated as traditional employees, independent contractors, independent registered investment advisors, or employees in local banks or credit unions. These financial advisors provide securities transaction, investment advisory and financial planning services to individual investors through their affiliates.
The Capital Markets group is Raymond James's institutional segment. Equity Capital Markets includes Investment Banking, Equity Research, and Equity Sales and Trading. Fixed Income includes Municipal and Taxable Fixed Income, Public Finance, and Fixed Income Research. In addition, Raymond James Tax Credit Funds syndicates investments in low-income housing.
Asset Management Group:
The Asset Management Group includes Asset Management Services which provides fee-based individual portfolio management for Raymond James clients. Subsidiary firm Eagle Asset Management provides institutional and individual investors with Raymond James and other broker/dealer platforms with separately managed account options and mutual fund products. Also included in this segment is Raymond James Trust N.A.
Raymond James Bank:
Raymond James Bank is a federally chartered savings bank that provides residential, consumer and commercial loans, as well as FDIC-insured deposit accounts. The bank also purchases residential whole loans and is an active participant in corporate loan syndications.
The firm also includes proprietary capital operations, as well as international joint-venture operations in emerging markets, stock loan/borrow, and miscellaneous other corporate activities and overhead.
Awards and accolades:
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Raymond James Ltd. ranked highest in J.D. Power & Associates 2012 Canadian Full-Service Investor Satisfaction Study for the third time in the past four years.,
Global Finance Magazine names Raymond James the best real estate investment banking practice in the world on its World's Best Investment Banks 2012 list.,
O Estado de S. Paulo names Raymond James Brazil the number one stock-picking team in Brazil for 2010.,
Named Top Full Service Broker in SmartMoney 2011 Broker Survey.,
Wall Street Journal "Best on the Street" list and the Financial Times 2011 StarMine Analyst Awards recognized the firm's Equity Research analysts.,
Ranked highest on WealthManagement.com's "Annual Broker Report Card" for the second year in a row.,
Raymond James Investment Banking group was awarded Energy Deal of the Year by The M&A Advisor, for its work on the public offering of ECA Marcellus Trust | Royalty Trust Securities.,
Corporate Equality Index -Raymond James receives a perfect score on the 2011 Human Rights Campaign Corporate Equality Index.,
Buyouts magazine recognized the Raymond James Investment Banking team as the "Middle Market Investment Bank of the Year.",
Florida Trend, the Tampa Bay Times, the Tampa Bay Business Journal and ComputerWorld magazine all recognized Raymond James as one of the "Best Places to Work.",
Raymond James Ltd. ranked highest in J.D. Power & Associates investor satisfaction survey among Canadian full-service brokerage firms.,
Ranked highest on WealthManagement.com's "Annual Employee Broker/Dealer Report Card.",
Raymond James' client brokerage statement was rated "Excellent" for the fourth year in a row by independent measurement expert Dalbar.,
Raymond James equity research analysts won recognition for their stock-picking abilities in The Wall Street Journal's "Best on the Street," Forbes' "Blue Chip Analyst" and the Financial Times/Starmine's S&P 500 and Russell 2000 surveys.,
Named best full-service broker by SmartMoney Annual Broker Survey,
Raymond James Ltd. ranked highest in J.D. Power & Associates Full Service Investor Satisfaction Study with full service brokerage firms among Canadian full-service brokerage firms.,
Florida Trend magazine named Raymond James one of the best large companies to work for in the state.,
Tom James received the Woodrow Wilson International Center for Scholars Corporate Citizenship Award and the Business Committee for the Arts Leadership Award. .,
Ranked highest in investor satisfaction with full service brokerage firms and highest in employee advisor satisfaction in a tie among financial investment firms in a 2008 J.D. Power & Associates survey of full-service financial advisory firms.,
Raymond James won the best category in SmartMoney annual "America's Best and Worst" broker survey from among eight national full-service brokerage firms.,
Tom James named 2008 National Entrepreneur of the Year in the financial services category by Ernst & Young.,
Forbes.com - Forbes names Raymond James Financial best-managed financial firm. Raymond James one of "America's Most Trustworthy Companies" and "One of America's Best Big Companies.",
Corporate Equality Index - Raymond James receives a perfect score on the 2009 Human Rights Campaign Corporate Equality Index.,
Ranks 16 on the list of the top 25 "client-pleasing brands" nationally by BusinessWeek.,
Kanbay Research Institute - Kanbay Research Institute names Raymond James one of the top 10 financial service companies in the United States among those favored by U.S. consumers.,
Forbes - Forbes names Raymond James Financial best-managed financial firm.,
Americans for the Arts - Raymond James Financial wins National Business in the Arts award for commitment.,
SEC v. Dennis Herula:
In 2004, the SEC fined Raymond James $6.9 million for failure to supervise former broker Dennis Herula. Herula was accused of participating with others in a Ponzi scheme that raised about $44.5 million from investors in 1999-2000. Herula himself raised about $16.5 million of investor funds, most of which was later transferred to his wife's brokerage account at Raymond James. He was arrested in Bermuda and pleaded guilty to criminal charges of wire fraud and sentenced to 188 months in jail.
Supervision of branch managers:
In 2005, the National Association of Securities Dealers fined Raymond James $2.75 million for lax supervision of producing branch managers. The investigation began with one Raymond James manager, who worked from an office in her Wisconsin home, handling approximately 700 accounts and selling mainly mutual funds and variable annuities. The Wisconsin manager was accused of selling unsuitable aggressive mutual funds and variable annuities over a four-year period.
Auction rate securities:
On June 29, 2011, Raymond James announced an agreement to repurchase at par auction rate securities (ARS) sold to clients through its domestic broker/dealer subsidiaries prior to February 13, 2008. The agreement--reached with the Securities and Exchange Commission and with state securities regulators led by Florida and Texas--resolved more than three years of investigation related to activity in the ARS market. Without admitting or denying the allegations, the firm also agreed to pay a fine totaling $1.75 million to the state regulators, but was not fined by the SEC.
As a result of this agreement, a pre-tax charge of $45 million was recorded in the quarter ending June 30, 2011. This charge was primarily a result of an estimate of the current fair value of the securities to be repurchased by Raymond James being less than their par value. It is expected that the ultimate realized loss will be substantially less as issuers refinance or redeem these securities, interest rates rise and/or collateral values improve.
Raymond James sold $2.3 billion worth of ARS, underwrote $1.2 billion, and was the auction dealer for over $725 million. Since the $330 billion market for ARS crashed in 2008, at least 19 underwriters and broker-dealers were sued in class action suits.
In September 2011, the Financial Industry Regulatory Authority ordered Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS) to pay restitution of $1.69 million to 15,500 clients for charging excessive commissions on more than 27,000 securities transactions. The trades were made in client accounts between 2006 and 2010. FINRA also fined RJA $225,000 and RJFS $200,000.
Marketing and advertising:
Raymond James Stadium:
Raymond James first purchased the naming rights to Raymond James Stadium in 1998; in 2006, the firm extended the contract until 2015. The stadium, located in Tampa, Florida, is home to the NFL's Tampa Bay Buccaneers and the University of South Florida Bulls. Raymond James Stadium also hosts the New Year's Day Outback Bowl, as well as concerts and special events. It was also the host of Super Bowl XXXV on January 28, 2001 and Super Bowl XLIII on February 1, 2009.
Raymond James and the arts:
The Tom and Mary James/Raymond James Financial Art Collection, located at the corporate headquarters in St. Petersburg, Florida, consists of more than 2,200 works of art, and includes paintings, sculptures, graphics, and drawings. Ninety-five percent of the collection is owned by Tom and Mary James. It is also one of Florida's largest private art collections.
The collection began in the 1950s and initially featured mostly American artists. In the mid-1980s, while on trips to Colorado and New Mexico, James began collecting the Western and Southwestern art that currently makes up more than 50 percent of the collection. The collection also includes pieces by Alexander Calder, Salvador Dalí, Roy Lichtenstein, Joan Miró, James Rosenquist, and Andy Warhol.
Tom James has been president of the Dalí Museum Board of Trustees since 1994, and Raymond James has been the title sponsor of the Raymond James Gasparilla Festival of the Arts in Tampa, for the past 15 years. The company has also supported other arts organizations and festivals around the Tampa Bay area, and was recognized in October 2008 with a Business in the Arts Award from the Tampa Bay Business Committee for the Arts.