PALO ALTO, Calif. – Addison Avenue Investment Services, the investment CUSO for First Tech FCU, announced today it has transferred its vast broker-dealer services contract to Raymond James.
The investment services operation includes 30 advisors who cover 38 branches in eight states and manage a total of $2.2 billion in assets for the credit union giant, created by last year’s combination of Oregon’s First Tech CU and California’s Addison Avenue FCU, the credit union for employees of Hewlett Packard, which was founded out of a garage at Addison Avenue.
“We have been talking with Raymond James for some time now,” said Scott Jenner, president of the investment CUSO. “And beyond the depth of resources and services they offer, I have been most impressed with their home office associates.”
He said Raymond James' recent acquisition of regional brokerage Morgan Keegan was also an attraction and will allow Addison Avenue’s advisors to “tap into an even deeper reservoir of talent and expertise in the fixed-income and public finance areas.”
“Raymond James is known for its award-winning equity research, its integrated advisor technology, strong asset management and investment banking programs,” said Jenner. “And now, with the recently announced acquisition of Morgan Keegan, our advisors will be able to tap into an even deeper reservoir of talent and expertise in the fixed income and public finance areas.”
Raymond James Financial Institutions Division provides brokerage service to more than 200 institutions in 43 states and serves more than 300,000 client accounts with total investments under administration of about $29 billion.
Raymond James is based in St. Petersburg, Fla.
