RJF to Buy Clark Capital to Strengthen Asset Management Business

Raymond James Financial, Inc. RJF has agreed to acquire Clark Capital Management Group, a Philadelphia-based asset management company with more than $46 billion in discretionary assets under management and non-discretionary assets. The deal is anticipated to be closed by the third quarter of 2026 and is subject to regulatory approvals and closing conditions.

Since its foundation in 1986, Clark Capital has established a powerful brand and provides wealth-oriented investment solutions. The company focuses on multi-asset-class strategies, proprietary model portfolios, and 40-Act mutual funds that are primarily distributed through financial advisors and targeted at high-net-worth clients.  

Per the agreement, Clark Capital will retain its brand name and continue as a separate boutique investment manager in Raymond James Investment Management, an asset management unit of RJF and a global multi-boutique platform. Clark Capital will also retain its leadership team, investment facilities and service model. Following the deal, Clark Capital will be able to expand its product and service innovation, and advisor support and enhance the client experience by using the scale, resources and distribution capabilities of Raymond James Investment Management.

Raymond James CEO Paul Shoukry said, “This new partnership with Clark Capital will bring together two culturally aligned organizations committed to delivering exceptional service and partnership to financial advisors, and will further position Raymond James Investment Management as a leading player in key advisor-focused channels, including independent firms and turnkey asset management platform segments.”

How Will this Deal Support RJF’s Long-Term Strategy?

The Clark Capital acquisition is a strategic move for Raymond James to expand its asset management footprint and broaden its investment solutions portfolio for financial advisors and their clients. The deal is in sync with the company’s long-term strategy of becoming a leading global asset management firm. It will support the growth of its advisor-focused services.

Over the years, RJF has significantly expanded its operations through several acquisitions. In October 2025, it announced the acquisition of a majority interest in GreensLedge Holdings, a boutique investment bank recognized for its expertise in structured credit and securitization. In fiscal 2024, the company announced its foray into the lucrative private credit business through a partnership with Eldridge Industries.

In fiscal 2023, Raymond James acquired Canada-based Solus Trust Company Limited. In fiscal 2022, it acquired SumRidge Partners, TriState Capital Holdings and the U.K.-based Charles Stanley Group PLC, while in fiscal 2021, it acquired Cebile Capital and a boutique investment bank, Financo. These deals, along with several past ones, have positioned the company well for future growth.

RJF’s Price Performance & Zacks Rank

Over the past three months, RJF's shares have rallied 6.2% compared with 9.5% growth of the industry.
 

At present, RJF carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Steps Taken by Other Finance Firms

On Jan. 13, U.S. Bancorp USB entered into a definitive agreement to acquire BTIG, LLC for $1 billion. This stock and cash transaction will likely be closed in the second quarter, subject to regulatory approvals and fulfillment of customary closing conditions. 

BTIG provides investment banking, institutional sales and trading, research, and prime brokerage services. Since 2014, USB has had BTIG as the equity capital markets referral partner. The two firms further started a referral program in 2023.

Last week, The PNC Financial Services Group, Inc. PNC completed the acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank, after securing all required regulatory approvals. The acquisition significantly strengthens PNC’s presence in Colorado and Arizona, two of the fastest-growing banking markets in the United States.

With the transaction legally closed, PNC Financial will begin the integration of FirstBank into its national operating platform. Customer account conversion is expected to take place in the summer of 2026. Until the conversion is completed, FirstBank clients will continue to access services through existing branches, digital platforms and relationship teams, ensuring operational continuity during the transition period.

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This article originally published on Zacks Investment Research (zacks.com).

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