The Florida-based firm announced changes in its leadership in the US and Canada.

Raymond James, the Florida-based wealth management group, said yesterday that its president, John Carson, is retiring from his post at the end of the year. Separately, Paul Allison, chairman and chief executive of its Canadian subsidiary, Raymond James Ltd, is also stepping down as CEO on December 31.

Carson will remain as vice chairman to ensure a smooth handover of responsibilities, the firm said in a statement. He is also departing as head of the fixed income and public finance divisions. Horace Carter, executive vice president of fixed income capital markets, will succeed Carson as president of fixed income and join the firm’s executive committee.

“I’m deeply grateful to John [Carson] for his leadership, counsel and the many tangible contributions he has made to Raymond James during his nearly 10-year tenure,” chairman and CEO Paul Reilly said.

Carson joined in 2012 when Raymond James bought Morgan Keegan, where he was CEO.

As part of the changes, Gavin Murrey, head of public finance and debt investment banking, will continue to run the public finance business, reporting to Carter.

Carter joined Raymond James in the Morgan Keegan acquisition, starting his career with that firm in 1993.

In Allison’s case, he will move to the newly-created role of RJL executive chairman to provide strategic guidance to the management team and serve in a senior client relationship capacity, the group said.

Allison will chair several boards including Raymond James Ltd. and the Raymond James Canada Foundation. In addition, Allison will continue as chair of the Investment Industry Regulatory Organization of Canada (IIROC).

Jamie Coulter, executive vice president, wealth management, is succeeding Allison as RJL chief executive. Coulter has worked at Raymond James for 25 years in several increasingly senior roles.