Raymond James Financial completed the previously announced acquisition of SumRidge Partners, LLC.
“SumRidge has a people- and service-driven culture, similar to Raymond James, and I’m pleased they are now officially part of our firm,” said Raymond James Chair and CEO Paul Reilly.
“Adding SumRidge and its innovative institutional market-making operation and sophisticated trading technologies to our Fixed Income Capital Markets division is another example of our commitment to serving advisors and clients through industry-leading technology,” he added.
SumRidge Partners’ institutional market-making operation sits alongside and complements Raymond James’ core client-facing business with the goal of identifying additional opportunities for the two business units. Based in Jersey City, New Jersey, SumRidge Partners operates within the firm’s Fixed Income Capital Markets business under the leadership of SumRidge’s co-founders, Tom O’Brien and Kevin Morano.
The addition of SumRidge Partners to the firm’s Fixed Income Capital Markets (FICM) division adds an innovative institutional market-making operation with sophisticated trading technologies and risk management tools.
Founded in 2010 with the vision of becoming a premier, technology-enabled fixed income market maker, SumRidge Partners currently ranks among the top liquidity providers for cash trading on most major electronic bond platforms. The SumRidge organization has about 45 employees.