Raymond James Financial says it’s acquiring a fixed-income market maker in a bid to deliver better services for its financial advisors and clients.

Founded in 2010, Jersey City, New Jersey-based SumRidge Partners has 45 employees and specializes in investment-grade and high-yield corporate bonds, municipal bonds and institutional preferred securities, according to Raymond James.

The addition of SumRidge is aimed at bolstering Raymond James’ institutional market-making operation, complementing the firm’s core client-facing business, the company says.

SumRidge will operate within Raymond James’ fixed-income capital markets division, which has over 500 associates across sales, trading, research a strategy and public finance/debt investment banking, according to the firm.

The SumRidge team will continue to be led by SumRidge co-founders, chief executive officer and president Tom O’Brien and chairman Kevin Morano, Raymond James says. Both will become senior managing directors, according to the firm.

“This acquisition is further evidence of our commitment to provide cutting-edge technology to advisors, clients and stakeholders,” Paul Reilly, Raymond James chair and CEO, said in a statement. “In addition to being a strong strategic fit, SumRidge Partners has a culture that closely resembles our own. Beyond valuing entrepreneurialism and teamwork, we both operate conservatively by prioritizing long-term decision making with high standards for performance and integrity.”

The companies didn’t disclose the financial terms of the deal.

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