Raymond James barred from opening new branches and hiring investment managers
According to the FCA Register, the requirements became effective from 16 August.
According to the FCA Register, the requirements became effective from 16 August.
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The restrictions state Raymond James is not currently authorised to onboard any new branches under its banner, nor can it employ or contract any new investment managers and it is not allowed to register any new trading names.
If the company wishes to do any of the three, it needs to seek written consent from the FCA first.
Investment Week understands the restrictions were placed on a voluntary basis, meaning Raymond James Investment Services agreed to the restrictions on its business with the FCA.
The FCA has declined to comment and Raymond James Investment Services has been contacted for comment.
David Harris, managing director at Cadarn Capital, described Raymond James as a «protectorate of sorts» for independent managers during an era of «increasing consolidation.
He explained: „In recent years, Raymond James has provided investment managers with the opportunity to build out their own independent offerings free from some of the constraints of the larger centrally-managed wealth management operations. The Raymond James platform provides managers with a plug-in and play model allowing them to regain full discretionary control over client portfolios.
“In effect, Raymond James has acted as a protectorate of sorts for independent, investment-led managers with a strong focus on client outcomes, in an era of increasing consolidation and centralisation in the wealth management space.»
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