## Raymond James Strengthens Asset Management Platform Through Clark Capital Acquisition

**Raymond James Financial (RJF)** has entered into a definitive agreement to acquire **Clark Capital Management Group**, a prominent Philadelphia-based investment firm managing more than $46 billion in discretionary and non-discretionary assets. The transaction is expected to close by Q3 2026, pending regulatory approvals and customary closing conditions.

Since its establishment in 1986, Clark Capital has built a distinguished reputation in wealth management, specializing in multi-asset-class investment strategies, proprietary model portfolios, and 40-Act mutual funds. The firm primarily serves high-net-worth clients through a network of financial advisors. This acquisition represents RJF's latest strategic move to consolidate its position in the competitive asset management landscape.

## Preserving Identity While Scaling Operations

A key aspect of this transaction is that Clark Capital will maintain its brand identity and operate as an independent boutique investment manager within Raymond James Investment Management, RJF's global multi-boutique platform. The existing leadership team, investment operations, and client service model will remain intact, ensuring continuity for current clients and advisors.

By combining forces, Clark Capital gains access to Raymond James's extensive scale, technological infrastructure, and distribution network. This positioning enables the firm to accelerate product innovation, enhance advisory support capabilities, and deliver a more comprehensive client experience without compromising its boutique character.

RJF CEO Paul Shoukry commented on the partnership, noting that it brings together two culturally compatible organizations committed to delivering superior service. The deal further solidifies Raymond James Investment Management's standing in advisor-centric channels, including independent advisory firms and turnkey asset management platforms (TAMPs).

## Strategic Alignment with RJF's Growth Trajectory

This acquisition is the latest in a series of strategic initiatives aimed at establishing Raymond James as a leading global asset management powerhouse. The company has pursued an aggressive expansion strategy through multiple acquisitions in recent years:

- **October 2025:** Acquired a majority stake in GreensLedge Holdings, a boutique investment bank specializing in structured credit and securitization
- **Fiscal 2024:** Entered the private credit sector through a partnership with Eldridge Industries
- **Fiscal 2023:** Acquired Canada-based Solus Trust Company Limited
- **Fiscal 2022:** Added SumRidge Partners, TriState Capital Holdings, and UK-based Charles Stanley Group PLC
- **Fiscal 2021:** Acquired Cebile Capital and boutique investment bank Financo

These transactions underscore RJF's commitment to building a diversified, full-service asset management ecosystem that caters to financial advisors and their clientele.

## Market Context: Consolidation Accelerates Across Financial Services

RJF's Clark Capital acquisition reflects broader consolidation trends within the financial services industry. Similar strategic moves have gained momentum recently:

**U.S. Bancorp (USB)** agreed to acquire BTIG, LLC for $1 billion in an all-stock and cash transaction scheduled to close in Q2 2026. BTIG provides investment banking, institutional trading, research, and prime brokerage services. This partnership builds on an existing referral arrangement established in 2014.

**The PNC Financial Services Group (PNC)** recently completed its acquisition of FirstBank Holding Company after obtaining all regulatory approvals. This transaction substantially enhances PNC's competitive positioning in Colorado and Arizona, two of America's fastest-expanding banking markets. Customer account conversion is anticipated during summer 2026.

These parallel moves highlight the industry's focus on expanding service offerings, improving operational efficiency, and strengthening market presence through strategic consolidation.