Raymond James has created two new senior-level positions to bolster its personal market funding choices for ultra-high-net-worth shoppers.
The dealer/supplier employed Ken Novak to a brand new position as the top of personal technique for the personal shopper group and Anand Subramanian to a brand new submit main personal capital markets for firms and firm house owners.
Novak was beforehand a managing director in St. Petersburg, Fla.-based Raymond James’ personal institutional shoppers group and head of distribution for personal markets and options. Within the new place, he’ll work on personal capital investing for advisors and co-head the choice investments group with Chris Butler, senior vp of funding and world wealth options.
The strikes are a part of an effort to distinguish Raymond James from rivals by its personal market investing choices, an space of demand for high-net-worth shoppers and the advisors that serve them, mentioned Tash Elwyn, who was named president of the agency’s personal shopper group final 12 months. A latest report from FUSE Analysis Community estimated that the quantity of other property underneath administration within the U.S. wealth administration channels might rise to $3.03 trillion by 2029.
“We’ve been investing considerably in persevering with to boost our capabilities within the personal wealth and personal markets,” Elwyn mentioned in an interview with WealthManagement.com earlier than the announcement. “Understanding that we have now very aggressive personal market choices is de facto necessary each from a retention and a recruitment standpoint, and we’re going to proceed to leverage and lengthen that power.”
Earlier than Raymond James, Novak oversaw enterprise growth and funding oversight for Ferry Farm Capital, an asset administration agency targeted on personal credit score options. He was additionally head of RBC’s institutional center market division and led institutional protection teams at JP Morgan Chase and Morgan Stanley.
Elwyn mentioned Raymond James began a non-public wealth and markets accreditation program about two years in the past as exercise began to warmth up, and a whole bunch of advisors have since participated in it.
“These advisors are already very efficiently targeted on serving high-net and ultra-high-net-worth shoppers,” he mentioned. “They’ve chosen to choose in and take part as a result of they see it as a chance to achieve much more experience in [the private market] house and set up much more credibility with that concentrate on market.”
Elwyn mentioned personal market experience is amongst Raymond James’ differentiators in a aggressive recruiting pool for monetary advisors.
“There may be worth that comes from being a agency that has nationwide agency capabilities and scale with a small agency tradition of accessibility and responsiveness and the investments we’re making in expertise, personal wealth and personal markets,” he mentioned.
Subramanian joins after constructing personal capital companies at Morgan Stanley, Qatalyst Companions and Macquarie Capital, in addition to founding, advising and serving on the boards of personal firms.
Now, he’ll deal with company shoppers’ capital and liquidity in a bunch led by Kent Nelson, senior managing director of capital markets.
In 2015, Raymond James acquired Deutsche Financial institution’s personal shopper brokerage group and rebranded it into its Alex. Brown division. That led to the agency’s personal institutional shopper funding choices for high-end shoppers exterior the same old wealth channels.
“Now we have invested considerably in PIC over the past eight years and have constructed, we consider, probably the most enticing and aggressive options in partnership between our personal shopper group and funding banking,” Elywn mentioned.
In 2021, the agency additionally acquired Cebile Capital, a non-public fund placement agent and secondary market advisor to non-public fairness companies.
Elwyn spoke to WealthManagement.com throughout a visit to New York, throughout which he spent a part of his time visiting native Raymond James advisors, together with a few of them in its fee-based, unbiased RIA program.
