Raymond James UK raises £35,000 to help frontline workers and communities impacted by COVID-19

Raymond James UK has raised £35,000 for two charities providing essential meals to those most impacted by COVID-19. The donation to FeedNHS and FareShare will provide 74,000 meals to frontline NHS workers and society’s most vulnerable.

Its company values including putting people first and its commitment to the communities in which it works served as a guiding principle to create the Covid-19 charitable response.

FeedNHS was founded by Damian Lewis, Helen McCrory, Matt Lucas and John Vincent of Leon restaurants in the wake of the current crisis to ensure that all NHS workers have one hot, healthy meal each day. FareShare is the UK’s longest-running food redistribution charity which is currently on a mission to get food to frontline charities and community groups during the COVID-19 crisis.

Raymond James launched the ‘Helping Those in Need’ programme to offer its associates a flexible way to help those affected by COVID-19. Associates could donate a day’s holiday, volunteer their own time, or simply give money. And each contribution made unlocked an additional contribution by Raymond James of £100. Through this initiative, associates raised £25,000 for the two charities, with an additional £10,000 donated by Raymond James.

The programme is part of Raymond James Cares, an ongoing firm-wide initiative encouraging employees to participate in community involvement and volunteer for charitable initiatives.

Peter Moores, CEO of Raymond James UK, said:

“Raymond James has a long tradition of giving back to the communities in which we live and work, and clearly right now that solidarity is more important than ever. Our people are at the heart of our business, and I am so proud of every one of our employees who donated their time and money to this important cause. It really has been a collective effort.

“FeedNHS and FareShare are fantastic organisations and I hope our contribution has been able to make a positive difference to the lives of those fighting COVID-19 on the front line, as well as those suffering from economic hardship due to the pandemic.”

We appreciate that market commentary can be informative and helpful, particularly in times of market volatility.

To view our most recent Market Commentary click here.

If you require further information about your portfolio, your wealth manager will be happy to assist. If you don’t have her/his contact details to hand, you can easily search by name or location via our Find a Wealth Manager Tool. Click here to access.

You are able to see your portfolio details via Client Access. Click here to login.

If you do not yet have your login details, your wealth manager will be happy to assist.

Black Monday

On 19 October 1987, the stock markets experienced a dramatic plunge that prompted many firms to shut down their trading desks and turn off their phones to minimize internal losses. Raymond James refused to do the same. Our desks stayed open to help meet clients’ needs, resulting in our first and only unprofitable quarter since the firm went public in 1983.

Who was Raymond James?

The Raymond in our name is actually from Edward Raymond, owner of a 15-employee mutual fund sales group, Raymond and Associates, along Florida’s west coast. He sold his company to Bob James on 15 July 1964, on condition that the surviving firm be called Raymond, James & Associates.

Three days after the sale, Ed Raymond was involved in a near-fatal automobile accident and never joined the firm.

Nonetheless, even after Raymond had passed away, Bob James insisted that his name remain on the door – ahead of James’ own. That was a promise he made to Ed Raymond three days before the accident, and Bob James was a man who kept his promises.

Bear Market of 1974

The severe bear market of 1974 threatened the existence of Raymond James, which was bleeding capital by the day. Tom James, his father and other leaders took extreme measures to keep the firm afloat, slashing costs, foregoing paychecks and even attempting to sell the firm for just enough capital to protect client assets and retain as many associates as possible. The story could have ended very differently if not for a sharp upturn and continued rebound in the stock markets late in the year.
This “fortunate near-death experience” (as Tom calls it) permanently marked his psyche, and has influenced our firm’s character and culture since, solidifying the conservative nature that emphasizes a determined focus on the long term – both for clients and the firm.

Taking Raymond James Public

When consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time).
He wrote:

” … the public offering should be considered as a statement of our independence. While this is a psychological rather than an economic rationale, it is nonetheless very important. We have asserted for some time that we are not interested in becoming a small part of a very large corporation. That assertion results mainly from the inclinations of management rather than the economic benefits associated with either alternative. The public stock offering affords us the opportunity to enjoy a little bit of the best of both worlds. While shareholders will be given liquidity at fair market value, we will still have the ability to control our own destiny.”

After 40+ years of Tom’s leadership, upon becoming CEO, Paul Reilly was often questioned about whether the company might ultimately surrender its cherished independence and be acquired by some larger entity. His response: “Not while I’m around.” It’s a theme that continues today.