Raymond James Financial, Inc. : Raymond James Announces Retirement of Asset Management Head Richard K. Riess
January 23, 2012 at 09:50 pm
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Press Release
January 23, 2012
RAYMOND JAMES ANNOUNCES RETIREMENT
OF ASSET MANAGEMENT HEAD RICHARD K. RIESS
ST. PETERSBURG, Fla. - Raymond James CEO Paul Reilly
announced today that Richard K. Riess, executive vice
president of the company's Asset Management Group, CEO of
Eagle Asset Management and chairman of the board of
trustees of the Eagle Family of Funds, will retire at the
end of this year. Effective January 31, 2012, Riess will
transition from his current role to work with Reilly on
special projects important to the firm's future.
Riess begins his transition to retirement after almost 35
years of service to the firm. He served as chief financial
officer of Raymond James Financial from its initial public
offering in 1983 until 1987. Before becoming CEO of Eagle
in 1996, he served as chief operating officer and president
of Eagle, and helped establish the broker/dealer's various
asset management programs.
"Richard's leadership and dedication have left an indelible
mark on the firm's history," Reilly said. "It is difficult
to sufficiently express our gratitude for his many
contributions to the firm's success."
"Richard first joined us when he was in college," added
Executive Chairman Thomas A. James. "After demonstrating
high intellect and a maturity beyond his years as our first
assistant to the chairman, we encouraged him to seek an MBA
from Harvard Business School. He served in numerous
positions with us during his two tours of duty - among
them, an investment banker in energy partnerships, CFO and
head of our Asset Management group. In all cases, he
demonstrated superior strategic planning skills and great
loyalty to the firm's culture and principles. I salute him
for his many contributions to the success of the firm."
Riess graduated with distinction from the Harvard Graduate
School of Business in 1975 and is a Braxton Craven Fellow
at Duke University.
The firm has begun the process of identifying a successor.
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Raymond James Financial, Inc. specializes in financial services. Revenues (including intragroup) by activity break down as follows:
- investment services (76.9%): securities brokerage, stock exchange intermediation, intervention on equity, interest rate and foreign exchange markets, derivatives, trading services, etc. for private and institutional clients;
- retail banking and merchant banking (15.7%);
- asset management (6.9%): USD 196.4 billion in assets under management at the end of September 2023;
- other (0.5%).
Revenues are distributed geographically as follows: the United States (91.3%), Canada (4.9%) and Europe (3.8%).