The firm has agreed a deal with asset manager UMB Financial Corporation to acquire its subsidiary.

US financial services firm Raymond James has agreed to purchase a firm from asset manager UMB Financial Corporation. 

Raymond James reached an agreement to buy UMB subsidiary Scout Investments, an investment manager, and its Reams Asset Management division, the firm said in a statement.

The deal, which is expected to be completed by the end of 2017, will see Scout and Reams both join Raymond James’ subsidiary asset manager Carillon Tower Advisers in St Petersburg, Florida

Scout Investments and its Reams Asset Management division, founded in 1982 as a division of UMB and headquartered in Kansas City, will become a wholly-owned subsidiary of Carillon Tower Advisers. 

Raymond James has said it will have projected combined assets under management and advisement in excess of $60 billion when the deal is completed.

As a result of this acquisition, Carillon Tower will distribute Scout and Reams investment products worldwide. 

“Building on our strong foundation of asset management expertise is a key component of the firm’s growth strategy and its focus on providing retail and institutional clients with sophisticated investment options,” said Paul Reilly, Raymond James chairman and chief executive. “As with all additions to the Raymond James family, Scout and Reams bring complementary cultures and management philosophies to the asset management division.” 

The value of the deal was not disclosed.