DETROIT - Raymond James Financial Inc. has expanded its automotive investment banking business to six brokers with the addition of four executives from the Detroit practice of PWC Securities.
Jeffrey Sands is managing director at the Raymond James office in Detroit. He previously headed the investment banking unit at PWC, a unit of PricewaterhouseCoopers LLP.
Sands said the move creates a full-service investment banking practice with complete equity and public debt underwriting, merger and acquisition, and private sales and divestitures capabilities. Raymond James provides independent research on General Motors, Ford Motor Co. and more than a dozen Tier 1 automotive suppliers.
PWC handled the sale of Progressive Tool Co. to Fiat Auto S.p.A. last year. Clients have included Mitsubishi Motors Corp. and the former LucasVarity PLC.
Raymond James of St. Petersburg, Fla., earlier this year assisted in taking parts maker Autocam Corp. private.