Raymond James Financial Inc. said Wednesday that it has agreed to acquire Howe Barnes Hoefer & Arnett Inc. The deal would combine two well-known regional investment banks.
Raymond James said that buying the Chicago company would expand its capital markets and private-client operations. The companies did not disclose the deal's financial terms; it is expected to close on March 31. Both companies have businesses that cater to small and midsize banking companies.
Dan Coughlin, the chairman and chief executive of Howe Barnes, is to become a managing director of investment banking at Raymond James, which is based in St. Petersburg, Fla.
