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Umpqua Holdings Inks Deal to Divest Wealth Management Arm
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Umpqua Holdings Corporation has signed an agreement to divest the wealth management business operated through its subsidiary Umpqua Investments Inc. to Steward Partners Global Advisory, LLC. The deal is expected to close in the first quarter of 2021.
Steward Partners is an employee-owned and independent investment adviser with financial advisors offering brokerage services through Raymond James Financial Services, Inc. With offices across New England, the Mid-Atlantic and Southern United States, Steward Partners' acquisition of Umpqua's wealth management business gives it a national reach.
With this deal, Umpqua's 23 Financial Advisors managing $3.4 billion in client assets will become equity partners and employees of Steward Partners.
Per the terms agreed, Steward Partners will serve as the primary investment partner for Umpqua Bank customers. Umpqua wealth management client assets and network of financial advisors will be the backbone of the Steward Partners' new West Coast operation.
The deal reflects Umpqua's commitment to undertake strategic alliances to enhance value for customers and growth opportunities for the bank. In addition to offering current and future Umpqua Wealth Management clients enhanced wealth advisory tools, the alliance enables Umpqua to increase its investment in serving West Coast businesses. These businesses are demonstrating extraordinary resilience and ingenuity in the face of the unprecedented disruption due to the coronavirus pandemic.
"Today's announcement is a win-win for Umpqua's wealth management advisors and clients, and Umpqua Bank as a whole," said Cort O'Haver, Umpqua Holdings CEO. "Leveraging Steward Partners and Raymond James deep resources and expertise in the wealth advisory space allows us to provide current investors enhanced access to the very highest level of expertise and service, and also frees additional resources as we continue to advance our position as a leading West Coast commercial bank."
Shares of the company have gained 0.4% in six months’ time compared with 8.9% growth recorded by the industry.
Currently, the stock carries a Zacks Rank #3 (Hold).
German American Bancorp, Inc. (GABC - Free Report) ongoing-year earnings estimates have moved up in the past 60 days. Further, the company’s shares have declined 0.5% over the past six months. At present, it carries a Zacks Rank of 2.
First Financial Corporation Indiana (THFF - Free Report) current-year earnings estimates have moved north in 60 days’ time. Additionally, the stock has lost 5.6% over the past six months. It currently sports a Zacks Rank #1.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Umpqua Holdings Inks Deal to Divest Wealth Management Arm
Umpqua Holdings Corporation has signed an agreement to divest the wealth management business operated through its subsidiary Umpqua Investments Inc. to Steward Partners Global Advisory, LLC. The deal is expected to close in the first quarter of 2021.
Steward Partners is an employee-owned and independent investment adviser with financial advisors offering brokerage services through Raymond James Financial Services, Inc. With offices across New England, the Mid-Atlantic and Southern United States, Steward Partners' acquisition of Umpqua's wealth management business gives it a national reach.
With this deal, Umpqua's 23 Financial Advisors managing $3.4 billion in client assets will become equity partners and employees of Steward Partners.
Per the terms agreed, Steward Partners will serve as the primary investment partner for Umpqua Bank customers. Umpqua wealth management client assets and network of financial advisors will be the backbone of the Steward Partners' new West Coast operation.
The deal reflects Umpqua's commitment to undertake strategic alliances to enhance value for customers and growth opportunities for the bank. In addition to offering current and future Umpqua Wealth Management clients enhanced wealth advisory tools, the alliance enables Umpqua to increase its investment in serving West Coast businesses. These businesses are demonstrating extraordinary resilience and ingenuity in the face of the unprecedented disruption due to the coronavirus pandemic.
"Today's announcement is a win-win for Umpqua's wealth management advisors and clients, and Umpqua Bank as a whole," said Cort O'Haver, Umpqua Holdings CEO. "Leveraging Steward Partners and Raymond James deep resources and expertise in the wealth advisory space allows us to provide current investors enhanced access to the very highest level of expertise and service, and also frees additional resources as we continue to advance our position as a leading West Coast commercial bank."
Shares of the company have gained 0.4% in six months’ time compared with 8.9% growth recorded by the industry.
Currently, the stock carries a Zacks Rank #3 (Hold).
Stocks to Consider
Peoples Bancorp Inc. (PEBO - Free Report) has witnessed upward earnings estimate revisions for 2020 over the past 60 days. Also, this Zacks #2 Ranked (Buy) stock has lost 10.5% over the past six months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
German American Bancorp, Inc. (GABC - Free Report) ongoing-year earnings estimates have moved up in the past 60 days. Further, the company’s shares have declined 0.5% over the past six months. At present, it carries a Zacks Rank of 2.
First Financial Corporation Indiana (THFF - Free Report) current-year earnings estimates have moved north in 60 days’ time. Additionally, the stock has lost 5.6% over the past six months. It currently sports a Zacks Rank #1.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>