Raymond James Financial, Inc. (RJF) divides its business into five segments: Retail Distribution, through which the Company provides securities transaction and financial planning services to its retail clients; Institutional Distribution, through which RJF provides securities brokerage services to its institutional clients; Investment Banking, a segment that includes both equity and fixed-income products and services; Asset Management, which includes proprietary asset management operations, internally sponsored mutual funds, outside money management alternatives, and other asset-based fee programs, and Other. In the Other segment, the Company operates a stock borrow/stock loan program, offers bank and trust services, and has several international joint ventures.