Press Releases

8 May 2007

Raymond James Adds Onshore Bond Wrapper to Its Platform

Raymond James Investment Services (RJIS) is pleased to announce it has reached agreement with Merchant Investors to add the VIP onshore bond wrapper to its service offering. For the first time, investment managers will be able to provide discretionary investment management services to clients with onshore bonds, with the assets held on the Raymond James platform.

Cynthia Poole, Director of Relationship Management and Business Support at RJIS, notes, “We are delighted to announce this innovative onshore bond offering as an addition to the Raymond James proposition. This is a win for clients for whom an onshore bond is the right solution, in that it will for the first time allow these clients to access the benefits provided by discretionary managers rather than be limited to the investment choices made available by an insurance company.”

Raymond James offers investment managers and advisers a choice of affiliation options and currently has 36 locations throughout the UK representing £1B in client assets. Poole went on to say, “Our goal is to ensure we give investment professionals the ability to manage assets held within a wide range of tax wrappers, thereby allowing them to take a holistic view of their clients’ total wealth. This onshore bond compliments our already strong offering of ISA, PEP, pension and offshore bond wrappers so that advisers can service their clients even more effectively.”

Richard Ellis, Head of Sales and Marketing at Merchant Investors said “This agreement with Raymond James Investment Services provides IFAs and their clients access to both high quality discretionary managers and the tax benefits offered by an onshore bond. Clients requiring discretionary portfolios will be able to place these within the bond wrapper while the assets continue to be managed by Raymond James investment managers and affiliated firms. Our onshore bond is a unique offering and this new partnership further strengthens Merchant Investors’ position as a forward-thinking choice for clients. We are delighted to be working with Raymond James to provide their clients with a range of investment options.”

For further information, please contact
Cynthia Poole, Director of Relationship Management and Business Support
Raymond James Investment Services
Tel 020 7096 6751 or Cynthia.Poole@RaymondJames.com.

Notes to editors
Online information:

http://rjis.co.uk/home.htm
http://www.adviserchoice.co.uk/

About Raymond James Investment Services Limited (RJIS)
RJIS is the UK private client investment management arm of Raymond James Financial, Inc., a US based diversified financial services company. The firm commenced operation in 2001 and has 36 locations across the UK. RJIS offers private client investment managers and advisers a platform of choice, providing alternative methods of affiliation through three business models: Independent Contracting, Professional Partners and the Wrap Platform. Its goal is to provide investment professionals in the UK with the freedom to deliver to clients a complete integrated wealth management solution whilst retaining their independence.

RJIS is a member of the London Stock Exchange and is authorised and regulated by the Financial Services Authority. Registered Office 77 Cornhill, London EC3V 3QQ.

About Raymond James Financial, Inc. (RJF)
Established in 1962, Raymond James Financial has been listed on the New York Stock Exchange since 1983 and has a current market capitalization of approximately $3.6B. RJF offers a comprehensive range of wealth management products and services to over one million accounts, representing total client assets of over $193 billion. RJF currently has 4600 advisers located in 2,200 office locations throughout the US, Canada and the UK.

Having pioneered the independent contractor concept in the early 1970's in the US, Raymond James Financial today enjoys an enviable reputation amongst investment managers and advisers for client service and investment in new technologies.

About Merchant Investors
Merchant Investors Assurance Company provides distinct and creative life and pension products, aimed at the sophisticated investor. They are based in Bristol and are authorised and regulated by the Financial Services Authority.

The company was acquired by the Sanlam Group in December 2003 and now has in excess of £1.5 billion under management in the UK. Service is at the heart of their proposition and they were recently awarded a four star service rating from the AKG rating agency.

The Sanlam Group has total funds under management of over £35 billion and is the second largest insurer in South Africa. They have business interests in Africa, Europe and India and employ over 9,000 people worldwide. It has an AA+ National Long-term rating from Fitch International.