Raymond James Financial to acquire New Jersey-based SumRidge Partners

Raymond James Financial Inc. agreed to acquire Jersey City, N.J.-based SumRidge Partners LLC, a technology-driven fixed income market maker specializing in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities.

The transaction is subject to certain regulatory and other closing conditions.

SumRidge Partners has about 45 employees. It will operate within Raymond James' fixed income capital markets division under the leadership of SumRidge Partners' co-founders, CEO and President Tom O'Brien and Chairman Kevin Morano, both of whom will become senior managing directors.

Piper Sandler was exclusive financial adviser and Gunderson Dettmer acted as legal counsel to SumRidge Partners.