RedBird backing Raymond James exec for asset, wealth manager venture -sources

By David French

NEW YORK (Reuters) – RedBird Capital Companions is partnering with an outgoing govt from Raymond James Monetary Group to ascertain a brand new asset and wealth administration platform, sources acquainted with the matter stated on Wednesday.

Raymond James introduced earlier on Wednesday that Haig Ariyan would depart efficient July 15, saying its head of worldwide wealth options was pursuing a possibility outdoors the agency.

Redbird might be behind this enterprise, the sources stated. Whereas the venture continues to be beneath growth and particulars are but to be finalized, RedBird will fund the asset and wealth administration platform, which Ariyan will construct.

RedBird and Raymond James declined remark.

Principally recognized for its investments within the sports activities trade, RedBird is a backer of Fenway Sports activities Group, which owns the Boston Purple Sox baseball franchise and English soccer membership Liverpool. Earlier this month, RedBird introduced it was buying Italian soccer giants AC Milan for 1.2 billion euros ($1.27 billion).

RedBird has a rising presence in monetary providers, although. Within the final two years, it has invested in insurance-linked funding managers Aquarian Holdings and Vida Capital, in addition to advisory agency Grafine Companions.

Ariyan was head of wealth administration within the Americas at Deutsche Financial institution when the German lender bought its U.S. non-public purchasers unit to Raymond James in 2016. Since then, the enterprise has operated beneath the Alex. Brown model, with Ariyan as its president and chief govt, in addition to head of worldwide wealth options for Raymond James.

($1 = 0.9451 euro)

(Reporting by David French in New York; Modifying by Matthew Lewis)

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