Raymond James Financial to Acquire SumRidge Partners

Raymond James Financial, Inc. announced that it has reached an agreement to acquire SumRidge Partners, LLC, a top ranked, technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities. The transaction is subject to certain regulatory and other closing conditions. Founded in 2010 with the vision of becoming a premier, technology-enabled fixed income market maker, SumRidge Partners currently ranks among the top liquidity providers for cash trading on most major electronic bond platforms. The SumRidge organization has about 45 employees. SumRidge Partners’ institutional market-making operation will sit alongside and complement Raymond James’ core 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.