When former Deutsche Bank advisors transition to Raymond James' Alex. Brown division in a few months, many will see a familiar face.
Seth Waugh, former CEO of Deutsche Bank Americas, will be coming out of retirement to serve as non-executive chairman at the boutique once Raymond James finalizes its purchase of Deutsche's U.S. Private Client Services unit. The 35-year industry veteran will focus on client and advisor relationships while helping drive Alex. Brown's strategic direction, according to the fast-growing regional B-D.
Quote“Adding a professional with his experience and contacts will not only benefit the future Alex. Brown division, but Raymond James overall," Raymond James CEO Paul Reilly says.
“Adding a professional with his experience and contacts will not only benefit the future Alex. Brown division, but Raymond James overall," Raymond James CEO Paul Reilly says in the statement.
Already at Raymond James is Deutsche alumnus Charles Arenschildt, who serves on the firm's board of directors.
Raymond James is using the Alex. Brown brand, which was the name the boutique originally used when it was founded in 1800. The regional firm expects to close on its purchase of the U.S. brokerage unit of Deutsche Asset & Wealth Management by September.
So far, Raymond James appears to have had few problems, despite setbacks competitors have had with similar deals.
Waugh joined Deutsche in 2000 and retired from his post running the bank's U.S. business 13 years later. He was succeeded by current CEO Jacques Brand.
Prior to Deutsche, Waugh was CEO of Quantitative Financial Strategies, a $2 billion hedge fund based in Greenwich, Conn., according to Raymond James. He also worked with Merrill Lynch from 1988 to 1999, where he held several fixed income trading, underwriting and management positions, including senior vice president and co-head of the global fixed income division.
He is credited with starting the Deutsche Bank Americas advisory board, and has previously held board seats with SIFMA, The Clearing House, the Financial Services Forum and the FINRA board of governors, and currently serves as board member of Franklin Templeton Investments.
Waugh also is noted for his service on the advisory boards of Workday and The PGA of America, the board of directors for the 9/11 Memorial and board of trustees for Wake Forest University.
“Seth’s dedication to the community has always been an important and meaningful focus throughout his career,” says Haig Ariyan, future president of Alex, who also was quoted in the released statement.