Raymond James Financial Inc. of St. Petersburg, Fla., has reached an agreement to acquire SumRidge Partners LLC, which specializes in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities.
The transaction is subject to certain regulatory and other closing conditions. Financial terms of the deal were not disclosed.
SumRidge Partners, based in Jersey City, will join Raymond James’ Fixed Income Capital Markets division. Founded in 2010, SumRidge Partners ranks among the top liquidity providers for cash trading on most major electronic bond platforms, according to the March 28 announcement. The company has about 45 employees.
SumRidge Partners will operate within FICM under the leadership of its co-founders, CEO and President Tom O’Brien and Chairman Kevin Morano, both of whom will become senior managing directors.
“This acquisition is further evidence of our commitment to provide cutting-edge technology to advisors, clients and stakeholders,” Paul Reilly, Raymond James chair and CEO, said in a statement. “In addition to being a strong strategic fit, SumRidge Partners has a culture that closely resembles our own. Beyond valuing entrepreneurialism and teamwork, we both operate conservatively by prioritizing long-term decision making with high standards for performance and integrity.”
Raymond James is a diversified financial services company providing private client group, capital markets, asset management, banking and other services to its customers. The company has about 8,700 financial advisors. Total client assets are $1.24 trillion, according to the company.
Piper Sandler served as exclusive financial advisor and Gunderson Dettmer was legal counsel to SumRidge Partners.