Investment bank Raymond James (RJF.N) has strategically expanded its capabilities by hiring several managing directors from rival firm Jefferies’ (JEF.N) consumer and retail investment banking unit. Raymond James, a St. Petersburg, Florida-based investment bank, offers a comprehensive suite of financial services, including investment banking, wealth management, and capital markets advice. This move underscores Raymond James’ ongoing commitment to bolstering its specialised financial advisory teams within key sectors.
The new appointments include Drew Weisman, joining the leveraged finance team, alongside Steve Tricarico, Russ Shoemaker, and Hub Orr, who will be part of the consumer and retail investment banking team. These hires are set to significantly expand Raymond James’ consumer and retail division, building on its 2021 acquisition of consumer-focused boutique bank Financo. Mr Weisman’s addition is also expected to bolster the bank’s leveraged finance practice, according to sources familiar with the matter.
Raymond James has demonstrated a strong presence in the consumer and retail sector, having advised on several significant deals in recent years. Notable transactions include the more than $1 billion sale of baby care brand Coterie to Mammoth Brands, the sale of hair care brand Not Your Mother’s to Henkel, and the sale of men’s personal care brand Dr. Squatch to Unilever. Furthermore, the bank’s capital markets team has been active in the sector this year, working on initial public offerings for companies such as Jersey Mike’s and Bob’s Discount Furniture. Neither Raymond James nor Jefferies immediately responded to requests for comment regarding these appointments.
