(Reuters) - Brokerage Raymond James Financial Inc <RJF.N> said on Thursday that Thomas James would relinquish his role as chairman of its board and become chairman emeritus.

James, who was also chief executive of Raymond James for over 40 years before Paul Reilly took over the post in 2010, joined the company in 1966, four years after his father, Robert James, founded it.

James' role as chairman emeritus will be effective in February 2017 and he will retain a seat on the board, the company said. (http://bit.ly/2grAUd5)

The St. Petersburg, Florida-based firm oversees about $600 billion in client assets.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)