Bank leans on Europe for major expansion

TAMPA — Raymond James Financial acquired the U.S. private client services unit of Deutsche Bank Asset & Wealth Management.

Financial terms of the transaction, expected to close in the third quarter of 2016, were not disclosed. Through the acquisition, Raymond James seeks to both add high net worth clients and increase its services for current high net worth clients, a statement says.

Haig Ariyan, co-head of Deutsche's Wealth Management Americas, will join Raymond James as president of the division, the statement adds. Other senior leaders from Deutsche will also join Raymond James, and the unit's approximately 400 employees will be offered positions.

St. Petersburg-based Raymond James Financial manages client accounts totaling more than $500 billion. Deutsche Asset & Wealth Management, a division of Europe's largest investment bank, has more than $1.2 trillion under management.