Umpqua Holdings Corporation ( UMPQ Quick Quote UMPQ - Free Report) 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."
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