Rumors to the contrary, Raymond James appears to have no interest in buying Morgan Keegan. It's just too big and to similar to the firm's existing footprint to be an easy fit.
Culturally, the firms would be a great match.
But, Helck says, that respect is unlikely to encourage him to "be seduced into overpaying."
He wants smaller acquisitions -- maybe individual Morgan Keegan advisors fleeing the firm.
Stifel might step up to buy Morgan Keegan instead. And there are always those shadowy private equity firms looking for a distressed asset with strong cash flow.
Morgan Keegan definitely fits that profile.