Deals Of The Day: The Latest In Wealth Management M&A – Raymond James, SumRidge Partners

Editorial Staff

29 March 2022

Raymond James has agreed to buy SumRidge Partners, a fixed income market maker firm that concentrates on investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities.

The financial terms of the transaction, which is subject to certain regulatory and other closing conditions, were not disclosed.

The SumRidge organization, which has about 45 employees, was founded in 2010.

SumRidge Partners’ institutional market-making operation will sit alongside and complement Raymond James’ client-facing business with the goal of identifying additional opportunities for the two business units.

Based in Jersey City, New Jersey, SumRidge Partners will operate within FICM under the leadership of its co-founders, CEO and president Tom O’Brien and chairman Kevin Morano, both of whom will become senior managing directors, Raymond James said in a statement yesterday.

“SumRidge is an exciting combination of a strong team and advanced technology that will only enhance Raymond James’ position in a rapidly evolving fixed income and trading technology marketplace,” Horace Carter, executive vice president and president of fixed income at Raymond James, said.

Raymond James’ fixed income arm includes more than 500 associates across sales, trading, research and strategy and public finance/debt investment banking.

Piper Sandler served as exclusive financial advisor and Gunderson Dettmer was legal counsel to SumRidge Partners.