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Tuesday, January 24, 2012

Who Will Fly Raymond James' Eagle?

Reported by Neil Anderson, Managing Editor

Raymond James CEO Paul Reilly is on the hunt for a new asset management chief. Today Reilly revealed that Eagle Funds chairman and Eagle Asset Management CEO Richard Riess will retire at the end of 2012. In a statement, the St. Petersburg, Florida-based broker-dealer confirmed that "the firm has begun the process of identifying a successor."

And Riess is shifting his duties before he departs. According to Raymond James, on January 31 Riess will switch to working with Reilly on "special projects important to the firm's future"

Riess has worked at Raymond James for nearly 35 years. He started with the B-D while in college, worked as assistant to the chairman, and eventually served as chief financial officer from the IPO in 1983 until 1987. He later served as president and chief operating officer of Eagle, then took over as CEO in 1996.

Reilly praised Riess' "leadership and dedication" to Raymond James, and executive chairman Thomas James added that Riess always "demonstrated superior strategic planning skills and great loyalty to the firm's culture and principles."

Company Press Release

ST. PETERSBURG, Fla. – Raymond James CEO Paul Reilly announced today that Richard K. Riess, executive vice president of the company’s Asset Management Group, CEO of Eagle Asset Management and chairman of the board of  trustees of the Eagle Family of Funds, will retire at the end of this year. Effective January 31, 2012, Riess will transition from his current role to work with Reilly on special projects important to the firm’s future.

Riess begins his transition to retirement after almost 35 years of service to the firm. He served as chief financial officer of Raymond James Financial from its initial public offering in 1983 until 1987. Before becoming CEO of Eagle in 1996, he served as chief operating officer and president of Eagle, and helped establish the broker/dealer’s various asset management programs. 

“Richard’s leadership and dedication have left an indelible mark on the firm’s history,” Reilly said. “It is difficult to sufficiently express our gratitude for his many contributions to the firm’s success.”

“Richard first joined us when he was in college,” added Executive Chairman Thomas A. James. “After demonstrating high intellect and a maturity beyond his years as our first assistant to the chairman, we encouraged him to seek an MBA from Harvard Business School. He served in numerous positions with us during his two tours of duty – among them, an investment banker in energy partnerships, CFO and head of our Asset Management group. In all cases, he demonstrated superior strategic planning skills and great loyalty to the firm’s culture and principles. I salute him for his many contributions to the success of the firm.”

Riess graduated with distinction from the Harvard Graduate School of Business in 1975 and is a Braxton Craven Fellow at Duke University.

The firm has begun the process of identifying a successor.

About Raymond James Financial, Inc.

Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have approximately 5,400 financial advisors serving 2 million accounts in 2,400 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $268 billion, of which approximately $35 billion are managed by the firm’s asset management subsidiaries.

To the extent that Raymond James makes or publishes forward-looking statements (regarding management expectations, strategic objectives, business prospects, anticipated expense savings, financial results, anticipated results of litigation and regulatory proceedings, and other similar matters), a variety of factors, many of which are beyond Raymond James’ control, could cause actual results and experiences to differ materially from the expectations and objectives expressed in these statements. These factors are described in Raymond James’ 2011 annual report on Form 10-K, which is available on RAYMONDJAMES.COM and SEC.GOV. 

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