Mutual funds distribution executives should benefit from Raymond James' continued investments. InvestmentNews'
Dan Jamieson reports
that the regional broker-dealer aims to offer a no-transaction-fee ETF program for RIAs within six months.
The source of the report is Raymond James
' investment advisor division custody business chief Mike DiGirolamo
That move, the trade pub reports, is part of a broader move to enhance Raymond James' RIA custody business, which works with 88 firms with $6 billion in assets. DiGirolamo told InvestmentNews that he aims to boost that tally to $25 billion through recruitment. Raymond James also has a full-service broker-dealer in addition to the independent B-D.
"We haven't been as aggressive as we should have been," stated Paul Reilly
, CEO of Raymond James Financial. "We're making big investments in technology -- we want to be world-class. We want to benchmark against the wirehouses and the Schwabs and Fidelitys of the world."
"We're committed to figuring out how to a real player," added Chet Helck
, chief operating officer.
Other related Raymond James moves that InvestmentNews mentioned include: hiring Bella Loykhter
in June as executive vice president of technology and operations; hiring Vincent Campagnoli
in October as head of tech strategy and development; prepping a new financial planning tool and a new FolioDynamix
portfolio management system for launch with the next year.
Neil Anderson, Managing Editor
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