Morgan Keegan now officially owned by a Florida firm

St. Petersburg-based Raymond James Financial has completed its acquisition of Memphis-based Morgan Keegan.

The deal, for which Raymond James paid total consideration of about $1.2 billion, creates one of the largest full-service wealth management and capital markets firms in the country not headquartered on Wall Street.

Morgan Keegan Private Client Group offices will be known as Raymond James – Morgan Keegan, a broker-dealer subsidiary of Raymond James.

Raymond James previously announced that Morgan Keegan’s top 12 executives agreed to join Raymond James. Also, 98 percent of Morgan Keegan financial advisors presented with retention incentive offers have indicated their intent to remain with the combined companies.