Charles Stanley takeover by US giant completes

Raymond James’s takeover of Charles Stanley has completed. The US wealth manager will buy 100 per cent of the issued share capital of Charles Stanley – shareholders will be receiving £5.15 in cash for each scheme share held. 

With its listing dating back to 1852, Charles Stanley is one of the oldest companies on the London Stock Exchange.

Raymond James, the Florida-based investment bank, has $1.18tn (£870bn) in assets under management. Its takeover of Charles Stanley represents a significant expansion of the US firm into the UK advice market. 

The deal will see Raymond James’s UK client assets more than tripling, from £13bn to £40bn. Meanwhile, 200 wealth managers will join Raymond James. 

The acquisition has been underway for some time, with both companies initially expecting it to complete in December 2021. However, the Financial Conduct Authority only signed the deal off shortly before Christmas

Peter Moores, the CEO of Raymond James UK, said in a press release:

“Raymond James has long admired Charles Stanley’s reputation, heritage (which dates back to 1792), and its talented pool of wealth managers and professionals. The two firms share a common client-centric approach and a complementary culture.

“We will seek to build on the respective strengths of Charles Stanley and Raymond James to further enhance our firms’ already strong offering in wealth management. Over time, this will create benefits for you as a client and for your wealth manager through scale, broadened expertise and enhanced solutions.

“Raymond James Investment Services and Charles Stanley & Co will operate as sister companies, to ensure continuity of service. It is my belief that through your wealth manager, you will benefit from the sharing of knowledge, insights and expertise that will be harnessed from operating within a larger group.”

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