Mutual funds distribution executives should benefit from Raymond James' continued investments. InvestmentNews' Dan Jamieson reports that the regional broker-dealer aims to offer a no-transaction-fee ETF program for RIAs within six months.

The source of the report is Raymond James' investment advisor division custody business chief Mike DiGirolamo.

That move, the trade pub reports, is part of a broader move to enhance Raymond James' RIA custody business, which works with 88 firms with $6 billion in assets. DiGirolamo told InvestmentNews that he aims to boost that tally to $25 billion through recruitment. Raymond James also has a full-service broker-dealer in addition to the independent B-D.

"We haven't been as aggressive as we should have been," stated Paul Reilly, CEO of Raymond James Financial. "We're making big investments in technology -- we want to be world-class. We want to benchmark against the wirehouses and the Schwabs and Fidelitys of the world."

"We're committed to figuring out how to a real player," added Chet Helck, chief operating officer.

Other related Raymond James moves that InvestmentNews mentioned include: hiring Bella Loykhter in June as executive vice president of technology and operations; hiring Vincent Campagnoli in October as head of tech strategy and development; prepping a new financial planning tool and a new FolioDynamix portfolio management system for launch with the next year. 

Edited by: Neil Anderson, Managing Editor


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