’s investment banking activities provide a range of strategic and financial advisory services tailored to the company’s clients’ business life cycles and backed by its strategic industry focus. In the company’s syndicate operations, professionals coordinate the marketing, distribution, pricing and stabilization of lead and co-managed equity underwritings. In addition to lead and co-managed offerings, this department coordinates the firm’s syndicate and selling group activities in transactions managed by other investment banking firms. Analysts in the company’s domestic research department support its institutional and retail sales efforts and publish research on certain companies. This research primarily focuses on the U.S. and Canadian companies in specific industries, including agricultural, consumer, energy, clean energy, energy services, financial services, healthcare, industrial, mining and natural resources, forest products, real estate, technology, and communication and transportation. Proprietary industry studies and company-specific research reports are made available to both institutional and individual clients. Fixed Income Activities The company carries inventories of taxable and tax-exempt securities to facilitate institutional sales activities. The company trades both taxable and tax-exempt fixed income securities primarily for the purpose of facilitating such sales. The taxable and tax-exempt fixed income traders purchase and sell corporate, municipal, government, government agency, and mortgage-backed bonds, asset-backed securities, preferred stock, and certificates of deposit from and to the company’s clients or other dealers. The company’s fixed income investment banking services include public finance and debt underwriting activities where it serves as a financial advisor, placement agent or underwriter to various issuers who include municipal agencies (including political subdivisions), housing developers, and non-profit health care institutions. The company might also act as a consultant, underwriter, or selling group member for corporate bonds, mortgage-backed securities (MBS), whole loans, agency bonds, preferred stock and unit investment trusts. To facilitate client transactions, hedge a portion of the company’s fixed income securities inventories, or to a limited extent for its own account, the company enters into interest rate swaps, futures contracts, and forward foreign exchange contracts as part of its fixed income business activities. In addition, the company conducts a ‘matched book’ derivatives business where the company might enter into derivative transactions, including interest rate swaps, options, and combinations of those instruments, primarily with government entities and not-for-profit counterparties. In this matched book business, for every derivative transaction that the company enters into with a client, it enters into an offsetting derivative transaction with a credit support provider who is a third party financial institution. The company, through its fixed income public finance operations, enters into forward commitments to purchase Government National Mortgage Association, or Federal National Mortgage Association, MBS. The MBS securities are issued on behalf of various state and local housing finance agencies clients and consist of the mortgages originated through their lending programs. Tax Credit Fund Investment Syndication Activities In the company’s syndication of tax credit investments, one of its subsidiaries is the general partner or managing member in partnerships and limited liability companies that invest in real estate project entities, which qualify for tax credits under Section 42 of the Internal Revenue Code. The company earns fees for the origination and sale of these investment products to investors, as well as for oversight and management of the investments over the statutory tax credit compliance period. Asset Management segment This segment’s operations include Eagle, the Eagle Family of Funds, asset management operations conducted within the company’s asset management services division for the benefit of its PCG clients, Ray
raymond james financial inc
880 Carillon Parkway
St. Petersburg, FL 33716
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