Raymond James Subsumes Lane Berry
Frederick Lane and Robert Berry, both DLJ veterans, will pick up senior roles as part of the acquisition.
May 26, 2009
Raymond James Financial subsumed mid-market investment banking and advisory firm Lane Berry. Frederick Lane and Robert Berry originally founded the boutique in 2002, coming out of Donaldson Lufkin Jenrette.
At Raymond James, Lane will become the vice chairman of investment banking, while Berry will serve as a managing director and co-head of the M&A practice. According to a statement, Berry will spearhead Raymond James’ expanded focus on the middle market.
Berry had previously served as the co-head of Credit Suisse First Boston’s Boston office. He joined DLJ in 1994, where he headed the firm’s financial sponsor coverage in Boston. Credit Suisse eventually acquired DLJ in 2000.
Lane, meanwhile, worked in DLJ’s equity underwriting, banking review, and fairness and valuation groups. He co-headed the firm’s M&A department from between 1989 and 1995. Lane has also been active investor in various private equity deals, and has a track record that includes such homeruns such as Staples, Seven-Up and MediaVast.
Among Lane Berry’s 21 other employees who are being brought on by Raymond James, James Bunn was appointed as co-head of the combined firm’s business services practice.
The acquisition should bolster Raymond James’ M&A capabilities, as the firm is typically thought of as a retail securities institution. Terms of the deal were not disclosed.
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