Raymond James Tech Co-Heads Exit to Acquire 50% Stake in Berenson
RJF•Brendan Ryan and Jon Steele, Raymond James’ global co-heads of technology and services investment banking, will leave in August to acquire a 50% stake in Berenson & Co. and co-lead its tech M&A advisory franchise. Their exits could weaken Raymond James’ tech advisory platform and hinder senior deal recruitment.
1. Departure of Senior Tech Bankers
Brendan Ryan and Jon Steele, currently global co-heads of technology and services investment banking at Raymond James Financial, have agreed to join Berenson & Co. in August. Their move marks a significant talent shift as they exit a leading regional investment bank for an independent advisory and merchant banking platform.
2. Terms of the Transaction
The duo will acquire a 50% equity stake in New York–based Berenson & Co., co-leading alongside founder Jeffrey Berenson. Their roles include expanding the firm’s technology advisory franchise and continuing to invest directly alongside clients and sponsors.
3. Impact on Raymond James Financial
Losing two senior dealmakers could diminish Raymond James’ capacity in technology M&A advisory and complicate ongoing mandates across software, fintech and internet services. The bank faces urgency in promoting or recruiting replacements to maintain client relationships and sector expertise.
4. Berenson’s Growth and Strategy
Berenson has combined advisory services with principal investing, advising on deals like the $3.7 billion Getty Images–Shutterstock merger and a $100 million Series B at $1.3 billion valuation. The addition of Ryan and Steele aims to bolster its footprint in technology sectors and leverage their decades of sponsor-backed M&A experience.
