Advisors at the PCS business generally serve sophisticated and high net worth clients as well as select institutional investors, and are mostly based in large metropolitan areas, Raymond James said.

“As communicated in the bank’s strategy 2020 priorities, the US is a key geographic region for Deutsche Bank’s wealth management business,” said Fabrizio Campelli, Deutsche Bank's global head of wealth management. “This agreement will allow us to focus on our strategic priorities including investing in our US private bank, which has grown consistently over the last ten years by serving ultra high net worth clients through bespoke lending, trust, custody, banking and investment advisory solutions.”

In recognition of the PCS unit's original founding in 1800 under Alex. Brown & Sons, advisors joining Raymond James will operate under the Alex. Brown brand once the deal has closed, which is expected to occur in Q3 2016.

As part of the transaction, DeAWM’s co-head of wealth management in the Americas, Haig Ariyan, will join Raymond James as president of the Alex. Brown division upon closing. Other leaders will join in roles that have yet to be determined.

The PCS unit will report to Raymond James' chief operating officer, Dennis Zank, and its team of some 400 support staff will be offered roles at the firm.

The news comes after Barclays agreed in June to sell its US wealth and investment management business to Stifel Financial. Meanwhile, Credit Suisse is significantly scaling back its US private banking brokerage for a sharper UHNW focus in the region.