3Macs shareholders consent to combine firm with Raymond James

Raymond James Ltd. has announced that the employee shareholders of 3Macs unanimously voted to combine the two firms. The closing date is expected to be August 31, 2016.

Read: Raymond James ready to acquire more advisors

Founded in 1849, 3Macs complements Raymond James Ltd.’s existing private client business by adding 72 advisors who manage more than $6 billion of client assets on behalf of individuals and families. The combined firm creates Canada’s largest independent investment dealer with more than $34 billion in client assets under administration being managed by more than 440 advisors and portfolio managers.

Read: What the Raymond James-3Macs deal says about the industry

“This combination meets our selective parameters for cultural fit, growth in strategically important locations, and ease of integration,” says Paul Reilly, CEO of Raymond James Financial, Inc. “We welcome our newest partners at 3Macs and are excited about the possibilities for future growth together.”

3Macs will continue to operate under the 3Macs brand as a division of Raymond James, following the close.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.