PETERSBURG, Fla. — Raymond James Custody & Clearing Division (C&C) — formerly Raymond James Correspondent Clearing — will welcome a new $5 billion client relationship to the division in the spring of 2018, when Capitol Securities Management, Inc., switches its custody and clearing provider to Raymond James from Pershing, according to C&C Director Robb Combs.
“We did not make this decision to change lightly,” said Joseph Jianos, Chairman & CEO of Capitol Securities. “But we needed a correspondent clearing partner who could help us not only maintain but also assist in growing our financial advisor population by providing superior products and service levels. Raymond James’ primary focus has always been its retail brokerage and advisory business, and it has continually targeted its resources with that in mind. Additionally, the firm supports both the traditional employee model as well as the independent platform, which is very similar in structure to our firm. Of all the firms we looked at, we were most impressed with how Raymond James’ technology and client platform addresses the needs of today’s retail investor and advisor. They have put thought and planning into the technology that gives advisors the tools they need to best help their clients – because being a private client-focused firm, they know what those needs are. With this new relationship, we will be able to provide all those tools to our advisors and clients while still allowing us to remain who we are.”
Capitol Securities Management is a privately owned, regional brokerage and investment firm. Its financial advisors – both employee and independent contractors – are located in over a dozen offices from New England to Florida and manage, administer or advise approximately $5 billion in client assets.
“We are delighted to welcome the whole Capitol Securities team to Raymond James,” said Combs. “Our client-first culture was obviously a strong attractor, and we believe our partnership will provide them a much greater opportunity to expand in their chosen markets.”
Chairman & Chief Executive Officer
Capitol Securities Management, Inc.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (“RJF” or the “Company”) is a leading diversified financial services company headquartered in St. Petersburg, Florida, providing private client, capital markets, asset management, banking and other services to individuals, corporations, and municipalities predominantly in the United States and Canada. Its principal wholly owned subsidiaries include Raymond James & Associates, Inc., member New York Stock Exchange/SIPC, Raymond James Financial Services, Inc., member FINRA/SIPC, Raymond James Financial Services Advisors, Inc., Raymond James Ltd., Eagle Asset Management, Inc., and Raymond James Bank, N.A. The Company has 7,300 financial advisors in 3,000 locations. Total client assets are $681 billion. Established in 1962 and public since 1983, the Company has been listed on the New York Stock Exchange since 1986 under the symbol “RJF.” Additional information is available at www.raymondjames.com.
About Raymond James Custody & Clearing Division
Raymond James Custody & Clearing Division (formerly Correspondent Clearing) was established by Raymond James in 1982 to provide comprehensive custodial, correspondent and clearing services to broker/dealers, financial institutions, and Registered Investment Advisors. Raymond James is uniquely positioned as a full service financial services firm to provide access to a wide range of programs, products and cutting-edge technology to our custodial and clearing clients, including wealth management services, equity trading, fixed income, investment banking, research, alternative investments, banking & lending, and trust & estate planning services. More information at RJClear.com.