Raymond James Financial Inc. has made an offer for the entire issued and to be issued share capital of U.K.-based Charles Stanley Group PLC at a price of £5.15 per share, or approximately £279 million ($387 million).
“We have long admired Charles Stanley’s reputation, heritage and its talented pool of wealth managers and professionals,” said Raymond James CEO Paul Reilly. “The two firms share a common, and increasingly rare, client-centric approach whereby the primary client relationship is held by the individual wealth managers. We both offer employed and self-employed affiliation models, while Raymond James also provides platform services, enabling the flexibility that wealth managers value. Further, Charles Stanley meets Raymond James’s historical acquisition criteria, in particular as an excellent strategic fit with a complementary culture.”
Raymond James expects Charles Stanley to continue operating as a separately branded firm, doing business as Charles Stanley, a division of Raymond James, and will operate as a stand-alone division and subsidiary maintaining its existing offices throughout the U.K. and its corporate headquarters in London.