Raymond James is continuing to expand its network of branches in London this month, with the opening of a branch on Royal Exchange Avenue. The new branch will be led by Edward (Ted) Rust, offering bespoke investment and wealth management services to private clients across the UK and overseas.
Rust has a long and successful track record in the industry, having previously been at Charles Stanley for five years and Brewin Dolphin for twenty years. The office will be independent from Raymond James and there are plans to grow the team in line with client demand.
This is the fourth new branch opened by Raymond James in the last three months, and further signals the firm’s commitment to strengthening its position in London.
On working with Raymond James, Ted said: “Raymond James has a likeminded approach and emphasis on the importance of the traditional relationship between wealth managers and their clients, whose financial aspirations should be at the heart of everything we do. Providing a personalised service to clients is the cornerstone of how I work, and the infrastructure and support Raymond James can provide will allow me to spend more of my time focusing on my client’s needs.
”Maintaining independence is also a very attractive proposition, as it gives me the space I need to manage the business. With Raymond James’ backing I am confident that this branch can grow while continuing to offer an excellent service to the clients.”
Anthony Scott, Head of Propositions at Raymond James commented: “Raymond James is delighted that Ted has chosen to open a independent branch with us. I have known Ted for several years, and his client-centric approach to investment management will be well complemented by Raymond James.”
David Hazelton, Head of Business Development at Raymond James, added: “The opening of another new branch is another great step in expanding our presence within London. We look forward to providing the tools and support Ted needs to help his new office achieve long-lasting success”
Black MondayOn 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. |
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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. |
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Bear Market of 1974The 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. |
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Taking Raymond James PublicWhen consideration was being given to taking Raymond James public, Tom James penned a letter to shareholders (largely employees at the time). ” … 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. |
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