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Piper Jaffray's head of financial services i-banking headed to Raymond James

Robert Hutchinson, head of financial services investment banking at Piper Jaffray Cos., is expected to join Raymond James Financial Inc., according to three depository investment banking industry sources.

Raymond James declined to comment, and efforts to reach Hutchinson and Piper Jaffray were unsuccessful. Hutchinson is expected to join Raymond James after completing his garden leave. With Piper Jaffray, Hutchinson was based in Boston and has been an active deal-maker in the bank space.

Since 2018, Hutchinson has advised on at least four depository M&A deals, including First Connecticut Bancorp Inc.'s $502.8 million sale to People's United Financial Inc. However, some of Hutchinson's coverage would have overlapped with investment bankers from Sandler O'Neill & Partners LP, a company that Piper Jaffray is purchasing.

With Raymond James, Hutchinson would likely add to the company's depository coverage. Many of Hutchinson's assignments were in the Mid-Atlantic and Northeast. Since 2018, Raymond James has landed just two depository M&A deals in those regions, compared with 23 deals in other parts of the U.S., according to S&P Global Market Intelligence data.

Raymond James has made other moves to expand its financial services investment banking coverage in 2019. Earlier this year, the company purchased investment bank Silver Lane Advisors LLC, which focuses on the wealth and asset management space, and Raymond James announced the hire of J.P. Young as a managing director within its specialty finance banking practice.

But the expansion of the Raymond James financial services team has been ongoing for a number of years. In 2011, Raymond James purchased the depository-focused investment bank Howe Barnes Hoefer & Arnett Inc. The company has also attempted to expand its depository coverage with such hires as the 2017 addition of Managing Director Steven Egli, who was with Sandler O'Neill; the 2016 addition of Head of Financial Services John Roddy, who was with Macquarie Group Ltd.; and the 2015 hires of Managing Director Robert Toma and Director Allan Jean, who were with Sterne Agee & Leach Inc.

Hutchinson twice worked with Sterne Agee, leaving the company to join Piper Jaffray in 2015. He also worked at Stifel Financial Corp. and Keefe Bruyette & Woods Inc.