Raymond James to Acquire Morgan Keegan & Co.

Raymond James Financial Inc. has agreed to acquire Morgan Keegan & Company Inc. and related affiliates from Regions Financial for $930 million. 

The acquisition expands Raymond James’ private client wealth management and capital markets businesses. The addition of Morgan Keegan’s more than 1,000 private client financial advisers increases Raymon James’ adviser count to more than 6,000.

As part of the merger, Morgan Keegan CEO John Carson will join Raymond James Financial as president and will oversee Fixed Income and Public Finance. Other senior leaders from Morgan Keegan will be joining the firm in roles to be determined.

“While our preference is generally organic growth, we have used strategic mergers to grow throughout our history when the timing and pricing are right and, most importantly, when there is a strong cultural fit and clear path for integration,” said Paul C. Reilly, Raymond James CEO.

Raymond James and Regions will maintain a strategic referral relationship.

 Raymond James’ Fixed Income and Public Finance businesses will be centered in Memphis, and the firm intends to continue to operate a regional support center there.

The transaction is expected to close on or about March 30, 2012, subject to regulatory approvals and other customary conditions.