Raymond James announced on Thursday that it signed a deal to acquire Philadelphia-based asset management firm Clark Capital Management Group in a transaction the firms said will add over $46 billion in discretionary assets under management (AUM) and non-discretionary assets to Raymond James when it closes, which they expect by the third quarter of 2026.
Clark Capital, founded in 1986 by Harry Clark, who now serves as its Executive Chairman, will become an independent boutique investment manager within Raymond James Investment Management, a division of Raymond James Financial, according to the companies. It will keep its brand, leadership team, service model and investment capabilities.
Clark Capital provides multi-asset-class solutions, model portfolios and mutual funds for financial advisors and their clients.
Welcoming Clark Capital, Scott Curtis, COO of Raymond James, said, “The acquisition underscores our commitment to building a leading global asset manager that provides a broad range of innovative investment solutions.”
He added, “Within our multi-boutique structure, Clark Capital is well positioned for accelerated growth, and Raymond James Investment Management will better serve the evolving needs of financial advisors and their clients.”
The addition of Clark Capital will combine 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,” according to Paul Shoukry, CEO of Raymond James.
“Clark Capital’s mission of offering holistic investment solutions and being a trusted partner to financial advisors completely aligns with Raymond James’ ethos and commitment to clients,” Shoukry said in the news release. “Our focus remains on deploying capital by identifying quality opportunities, like Clark Capital, for our continued growth.”
Raymond James Investment Management's global multi-boutique structure already includes Chartwell Investment Partners, ClariVest Asset Management, Cougar Global Investments, Eagle Asset Management, Reams Asset Management and Scout Investments.
Brendan Clark, Harry’s son and CEO of Clark Capital, said, “Raymond James Investment Management’s culture, strategic vision, and client-first, advisor-centric approach align closely with our own. Their resources and support will enable us to further enhance the advisor and client experience while preserving our brand, values, service model, and mission that have defined Clark Capital since day one.”
Harry Clark recalled, “I founded Clark Capital with a singular focus on putting the client first. Over the years, the firm has grown steadily and purposefully, always keeping both clients and advisors at the center of everything we do. I’m incredibly proud of our team for remaining true to that guiding principle, and I’m excited to have found a partner who shares our unwavering commitment to the client.”
Raymond James & Associates served as financial advisor and Eversheds Sutherland acted as legal advisor to Raymond James for the transaction, according to Raymond James.
Evercore was exclusive financial advisor and Paul Weiss served as legal advisor to Clark Capital.
The transaction was the first acquisition to be announced by Raymond James since the firm said in October that it bought a majority stake in GreensLedge Holdings, a boutique investment bank specializing in structured credit and securitization.
Raymond James Financial’s total client assets are $1.77 trillion, it said Thursday.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
