Raymond James
Larger retention pool down the drainPosted by RJ and Makay on Jan 13, 2012 |
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During the bidding war for Morgan Keegan between Raymond James and Stifel Financial, Stifel’s potential offer to buy the brokerage would have contained a much larger retention payment pool for Morgan Keegan employees, an inside source said Thursday. Raymond James executives noted that Morgan Keegan already had a $200 million retention plan in place and chose to purchase it as part of closing the deal.
Raymond James Financial, Inc. has agreed to settle with the Securities and Exchange Commission ( SEC) and eight states, offering to buy back $300 million in auction-rate securities and pay a $1.7 million fine, according to two insiders familiar with the matter. Florida and Texas regulators are in charge of the settlement. The six other states involved in the matter are Indiana, Missouri, New York, North Carolina, Pennsylvania and South Carolina.
After two years of stagnant or shrinking revenues, the 50 largest independent broker-dealers reported a rebound in their annual revenues last year, according to Financial Planning magazine. A robust stock market and strong demand for mutual funds, annuities and other products saw a median increase of 13.2% in 2010 revenues. 13 of the top 50 firms posted year-to-year revenue growth of over 20%.
