Raymond James Investment Management, the asset management subsidiary of Raymond James, is set to acquire a $46 billion asset manager as the seventh firm in its boutique investment management division.
St. Petersburg, Fla.-based Raymond James announced Thursday that it had agreed to acquire Clark Capital Management Group, a Philadelphia-based asset manager founded in 1986 and owned by both family and employees. The firms expect the deal to close in the third quarter of 2026.
Clark Capital offers multi-asset class investments, model portfolios and mutual funds to advisors and their clients. It also has a high-net-worth service team that offers wealth planning in conjunction with advisors.
The asset manager will retain its name and leadership team as part of Raymond James Investment Management, which will provide distribution and operational support. Clark Capital joins six other firms in the division, including Eagle Asset Management and Reams Asset Management. The firm is run by CEO Brendan Clark, the son of Harry Clark, the founder and executive chairman.
“The acquisition underscores our commitment to building a leading global asset manager that provides a broad range of innovative investment solutions,” Raymond James Chief Operating Officer Scott Curtis said in a statement.
Raymond James & Associates was the financial advisor to Raymond James on the transaction, and Evercore was the financial advisor to Clark Capital.
In December, Raymond James Investment Management hired Jeff Ringdahl as president. He previously served as president and chief operating officer at Summit Trail Advisors, a Dynasty-backed RIA.
Raymond James, which his listed on the New York Stock Exchange, is expected to report company earnings on Jan. 28.