May 26, 2016 - 9:47 AM
TORONTO - Raymond James Ltd. has reached a friendly deal to buy independent Canadian investment firm 3Macs for an undisclosed amount.
Also known as MacDougall, MacDougall & MacTier Inc., 3Macs traces its history to 1849, making it nearly two decades older than Confederation.
Raymond James Ltd. is the Canadian arm of Raymond James Financial Inc. (NYSE:RJF), which has a total of 6,700 financial advisers worldwide, including 370 investment and portfolio managers in Canada.
3Macs has 72 advisers who manage about $6 billion of client assets for individual investors and families.
The Canadian arm of Raymond James will have $33 billion of assets under management after the deal closes — pending approvals.
Raymond James says 3Macs will operate as a separate division.
"The opportunity to continue our legacy at 3Macs was an important part of our decision to join Raymond James," 3Macs president and CEO Randy Ambrosie said in a joint announcement by the two companies.
News from © The Canadian Press, 2016