Alex. Brown president to join PE shop to launch new wealth platform

Haig Ariyan, the president of Alex. Brown and head of global wealth solutions, is leaving the Raymond James subsidiary in July for US private equity firm RedBird Capital Partners, accoridng to sources familiar with his exit.

Ariyan has worked at Alex. Brown for 28 years and presided over its sale to Raymond James from Deutsche Bank in 2016. He will officially leave on July 15, according to the firm’s announcement.

He will join the New York-headquartered private equity firm RedBird Capital Partners to launch a new wealth management platform, a source familiar with his departure told Citywire.

RedBird was founded in 2014 by former Goldman Sachs partner Gerry Cardinale and manages more than $ 6bn investing across the sports, tech, media and telecom spaces, and consumer and financial services industries, according to its website.

‘Haig has been instrumental in the successful integration and subsequent growth of the Alex. Brown business follows the acquisition of the US Private Client Services Unit of Deutsche Asset and Wealth Management in 2016, ‘said Raymond James financial chair and CEO Paul Reilly.

‘He has been a distinguished leader, cultivating and developing strong management teams, which will help ensure smooth transitions. I have every confidence in the continued success of both Alex. Brown and our Global Wealth Solutions team, and wish Haig well in his future endeavors, ‘he added.

In his role, Ariyan oversaw a wealth management business running about $ 60bn in client assets through 18 offices across the US and also ran its Global Wealth Solutions business, which provides advice to more than 7,400 advisors.

Following Ariyan’s exit, Alex. Brown and Global Wealth Solutions COO Michael Tormey and Alex. Brown managing directors Brett Kellam and John Sutton will report to Raymond James president and CEO Tash Elwyn.

Bill Seugling, managing director of the firm’s Investment Solutions group, will replace Ariyan as head of Global Wealth Solutions and will report directly to Raymond James’s Private Client Group (PCG) president Scott Curtis.

Seugling, Sutton and Kellam all joined Raymond James in 2016 following its purchase of Alex. Brown purchase from Deutsche Bank Asset and Wealth Management, where they served as managing directors. Tormey, who similarly joined from the same unit, served as its COO.

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