Raymond James is expanding its asset management arm via a partial acquisition.

Today the St. Petersburg, Florida-based broker-dealer's Eagle Asset Management [profile] unit confirmed the close of its purchase of a 45-percent ownership stake in San Diego, California-based ClariVest Asset Management, which manages more than $3 billion in client assets and markets its investment services to corporate and public pension plans, foundations, endowments and Taft-Hartley clients worldwide.

Here is the press release:

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Company Press Release

EAGLE ASSET MANAGEMENT COMPLETES DEAL WITH CLARIVEST ASSET MANAGEMENT

ST. PETERSBURG, Fla. – Eagle Asset Management, Inc. announced today that it has completed the purchase of a 45-percent ownership stake in ClariVest Asset Management LLC, creating a strategic partnership and additional distribution opportunities for ClariVest products.

Eagle replaced the minority interests of several investors, leaving ClariVest management’s ownership shares unchanged.

San Diego-based ClariVest, launched in 2006, manages more than $3 billion in client assets and markets its investment services to corporate and public pension plans, foundations, endowments and Taft-Hartley clients worldwide.

ClariVest offers a range of domestic, international, emerging markets and global products, combining stock selection with advanced risk control techniques to exploit market inefficiencies.

Eagle Asset Management, with more than $21 billion in assets under management, is a subsidiary of Raymond James Financial (NYSE:RJF).

About Eagle Asset Management, Inc.

Eagle Asset Management provides institutional and individual investors with a broad array of equity and fixed income products designed to meet long-term investing goals. The firm’s clients currently entrust more than $21 billion* in investment strategies designed to deliver above-average, risk-adjusted returns via both separately managed account and mutual fund platforms.

*As of Sept. 30, 2012 and includes Eagle Asset Management, Inc. and its wholly-owned subsidiaries.

For more information, please contact: Liz Gunning Eagle Asset Management, Inc. 727.567.3551 liz.gunning@eagleasset.com www.eagleasset.com

Sophia Pogoff Senior Account Executive Intermarket Communications O# (212) 754-5448 M# (612) 232-7881 spogoff@intermarket.com 

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