Raymond James is selling its European institutional equity brokerage business to MainFirst Bank, as the German-based broker seeks to scale its business in the wake of MiFID II. The deal will see Raymond James' Europe retail arm become a subsidiary of MainFirst, which has been operating under the name Raymond James International since it was founded by former Lehman Brothers banker John Mack in 1986.
Raymond James is selling its European institutional equity brokerage business to MainFirst Bank, as the German-based broker seeks to scale its business in the wake of MiFID II. As part of the deal, 35 Raymond James employees, based in Paris and London, will transfer to MainFirst.