Raymond James Financial Inc. of St. Petersburg, Fla., said it has completed its acquisition of Lane, Berry & Co. of Boston.

The deal, meant to help Raymond James develop its investment banking business, closed Friday. The price was not disclosed.

Raymond James plans to fold Lane Berry's 21 professionals into its investment banking group.

Jeffrey Trocin, head of equity capital markets at Raymond James, said that it has taken advantage of difficult market conditions in the past by adding talent or acquiring firms.

Lane Berry, founded in 2002, is a pure middle-market advisory firm. Fred Lane, its chairman and chief executive, said it sold itself to Raymond James to "get to a more critical mass."

Raymond James plans to seek business from Lane Berry's private-equity relationships, and Lane Berry will be able to offer its clients services such as underwriting and access to capital markets and research.

In particular, Raymond James has been seeking to expand its investment banking unit's share of the business services sector, which is Lane Berry's expertise.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.