Press Releases

7 August 2007

RAYMOND JAMES ADDS PROTECTED RIGHTS AND SECTION 32 PENSION WRAPPERS

Raymond James Investment Services is pleased to announce the addition of two new pension wrappers to its platform: the Merchant Investors SIPP, which allows self-investment of protected rights, and the Merchant Investors Transfer Pension Portfolio (Section 32), which is open for transfers resulting from occupational pension scheme windups and other providers of Section 32 schemes.  For the first time, protected rights and Section 32 pension assets can now be held in custody on the Raymond James platform, where they can be managed in accordance with the clients’ wishes.

Richard Ellis, Head of Sales and Marketing at Merchant Investors commented: “We are delighted to forge this link with Raymond James and offer its clients’ access to the innovative Merchant Investors SIPP and Transfer Pension Portfolio (Section 32). Making these products available on the Raymond James platform means clients with advised and discretionary portfolios can now access a wide range of permitted securities and funds together with the ability to self-invest protected rights – a real plus. We’ve been working with leading discretionary firms for more than a year now, to provide truly innovative and flexible solutions for their advisers and clients – we’re pleased Raymond James is now part of this offering”.

Cynthia Poole, Director of Relationship Management and Business Support at Raymond James added: “We continually look for solutions that allow advisers using our services the opportunity to manage their clients’ total wealth. To date, protected rights and Section 32 pension assets had to be externally held primarily at insurance companies, which led to limited investment alternatives. These assets can now be held on the Raymond James platform and managed more effectively on either an advisory or discretionary basis, with access to a wide range of permitted securities and funds. This is a win win for clients.”

Robert Reid, Head of Financial Planning at Raymond James concluded: “This now completes the fullest range of tax efficient wrappers available on a UK platform; with the increase of protected rights through post 97 benefit transfers this facility which enables full asset management and custody on a single platform is rare, giving Raymond James the lead for flexibility of wrapper options in the wrap provider field”.

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
Tom Northway
Merchant Investors
Tom.Northway@merchinv.co.uk

Linda Tyson / Lisa Stanley
Lansons Communications
020 7566 9713 / 294 3692
lindat@lansons.com / lisas@lansons.com

Online information
www.rjis.co.uk
www.adviserchoice.co.uk
www.merchant-investors.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 39 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.

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 $3.7B. RJF offers a comprehensive range of wealth management products and services to 1.6 million client accounts, representing total assets under control of $200 billion. RJF currently has 4650 advisers located in 2,200 office locations throughout the US, Canada, the UK and elsewhere overseas. 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.