Goepel McDermid to join forces with Raymond James Financial

The transaction is valued in excess of $125 million. The two firms have more than $135 billion of combined assets under administration.

Kenneth Shields, Goepel McDermid’s president and CEO, noted he first met Raymond James Financial chairman and CEO, Tom James in 1998, and the two have considered the prospect of an alliance since that time. “Our firms are remarkably similar — we share a dedication to client service and are both firmly committed to the autonomy of our people,” said Shields.

Shields emphasized that Raymond James Financial’s core businesses complement those areas in which Goepel McDermid Inc. has been enjoying rapid growth. Shields remains president and CEO of Goepel McDermid and will be nominated to join the board of Raymond James Financial.

James added, “We are delighted to be entering the Canadian market and believe Goepel McDermid is capable of delivering on the profitability and growth targets we’ve traditionally achieved in the U.S.” Raymond James Financial operates a network of over 4,400 financial advisors.

As a 100% employee-owned investment dealer, Goepel McDermid shareholders will become shareholders in Raymond James Financial, whose shares are listed on the New York Stock Exchange. Currently, Raymond James Financial employees hold an interest of approximately 45% of the outstanding shares. Both companies cite employee equity participation as a key aspect of their strong independent-minded culture. The companies said that no changes in staffing are expected.

The sale is subject to the execution of definitive agreements and shareholder and regulatory approvals. The companies have targeted a closing date during the fourth quarter. When the deal closes, Goepel McDermid will adopt the name “Raymond James” to take advantage of a North American branding strategy.
-IE Staff