Tash Elwyn's job just got more complicated.

The new president of Raymond James & Associates sat in a conference room in late December in St. Petersburg, Fla., at his company's headquarters discussing his plans for his unit, now that he was assuming the mantle of leadership following the promotion of Dennis Zank. But that was just a few weeks before the parent company struck a deal with Regions Financial to buy its Memphis-based Morgan Keegan unit for $930 million.

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