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The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
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Friday, January 16, 2026 A $118.5B-AUM AM Preps Its Biggest Buy Yet And Switches Chiefs A $1.77-trillion-AUMA, 64-year-old, 8,900-advisor, publicly traded broker-dealer in the Sunshine State has publicly agreed to buy a 40-year-old asset manager and model portfolio provider in Pennsylvania later this year. The target company will be brought into the B-D's multiboutique asset management arm, which is now under new leadership.
Stay Tuned For More Deal DetailsRayJay's planned purchase of Clark Capital is expected to close in the third quarter of 2026 (i.e. between July and September). A spokesperson for RayJay declined to comment on the pricing and terms of the deal, including whether it involves cash or stock (or both) and whether or not there is an earnout component. Per Clark Capital's most recent form ADV*, the firm is currently principally owned by executive chairman Harry Clark, who founded his eponymous shop in 1986 and now holds a stake of between 50 and 74 percent. Clark Capital's other four principal owners (with stakes of between 10 and 24 percent each) are: Evercore advised Clark Capital on the deal, while RayJay's own Raymond James & Associates, Inc. advised the buyer. On the legal side, Paul Weiss provided counsel to Clark Capital, while Eversheds Sutherland did so for RayJay. Here Are the NumbersRayJay IM and its six boutiques (Chartwell Investment Partners, Clarivest Asset Management LLC, Cougar Global Investments, Eagle Asset Management, Reams Asset Management, and Scout Investments) have a combined $118.5 billion in AUM, and they collectively offer 15 open-end mutual funds and 3 ETFs. Clark Capital has more than $46 billion in AUMA, including about $8.65 billion across its four Navigator mutual funds. (Clark Capital also once had a TAMP but sold it 11 years ago.) Thus, the Clark Capital deal would boost RayJayIM to seven boutiques and raise its assets by 38.8 percent to more than $164.5 billion (on a pro forma basis). What the Deal Means For Clark CapitalThe RayJay team promises that Clark Capital's "existing leadership team, brand, investment capabilities, and service model" will remain intact after the deal closes. A spokesperson for RayJay confirms that Clark Capital will remain in Philly. "There will be no meaningful changes to Clark Capital's investment strategies and teams," a spokesperson for RayJay tells MFWire via email. "Clark Capital will remain under the leadership of Brendan Clark, CEO, and the existing senior team." "The partnership is designed to support the continued growth of Clark Capital, and there are no meaningful changes to the team or structure as part of the transaction," the spokesperson for RayJay adds. Brendan Clark lauds RayJay IM's "culture, strategic vision, and client-first, advisor-centric approach." "Their resources and support will enable us to further enhance the advisor and client experience while preserving our brand, values, service model, and mission that have defined Clark Capital since day one," Brendan Clark states. "This partnership marks an exciting new chapter for Clark Capital." Harry Clark puts the RayJay deal in the context of his firm's longstanding "singular focus on putting the client first." "I'm incredibly proud of our team for remaining true to that guiding principle, and I'm excited to have found a partner who shares our unwavering commitment to the client," Harry Clark states." What the Deal Means For RayJayCurtis praises Clark Capital as "well positioned for accelerated growth." "The acquisition underscores our commitment to building a leading global asset manager that provides a broad range of innovative investment solutions," Curtis states." Shoukry describes Clark Capital and RayJay as "two culturally aligned organizations committed to delivering exceptional service and partnership to financial advisors." He highlights "Clark Capital's mission of offering holistic investment solutions and being a trusted partner to financial advisors." "This new partnership with Clark Capital ... will further position Raymond James Investment Management as a leading player in key advisor-focused channels, including independent firms and turnkey asset management platform segments," Shoukry states. Meet the New ChiefThe revelation of the planned Clark Capital acquisition comes one month after Curtis revealed Ringdahl would be joining on January 5 as RayJay IM's new president, succeeding Bob Kendall. Ringdahl previously served as CEO of another multiboutique asset manager, PE-backed Resolute Investment Managers, before exiting in May 2024 and launching his own Acorn Advisory Group. "His business philosophy, demonstrated leadership with a multi-boutique asset manager, and knowledge of the wealth and institutional markets provide us with great confidence in his ability to effectively lead Raymond James Investment Management's next leg of growth," Curtis states. "Over the past few years, Raymond James Investment Management and its affiliates have expanded capabilities and added investment vehicles to address client needs, and Jeff will continue enhancing and expanding those capabilities while leading our next chapter." Ringdahl, for his part, lauds RayJay IM as "a firm with rich history, a highly regarded and respected culture, and well-positioned investment teams." "I am passionate about leading investment management firms and distribution teams and look forward to the opportunity to build on Raymond James Investment Management's successes and strong growth trajectory," Ringdahl states. Before joining American Beacon (which later became part of Resolute) in 2010, Ringdahl had stints with Touchstone, Fidelity, Western & Southern, the Penobscot Group, and SSGA. He is an alumnus of the Mendoza College of Business at the University of Notre Dame and of Boston University. *Filed with the SEC on March 26, 2025. 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