ON THE MOVE-Raymond James hires ex-Morgan Stanley broker

Wed Nov 28, 2012 1:08pm EST

Nov 28 (Reuters) - Raymond James Financial Inc said on Wednesday it hired a veteran adviser from Morgan Stanley Wealth Management to open a new branch office for the company in West Virginia.

John Dorsey, who has worked in the advising industry for more than three decades, joined Raymond James in early November as a senior vice president of investments and branch manager based out of the firm's new Huntington, West Virginia, office.

Dorsey managed more than $215 million in client assets at his old firm, where he had spent his entire advising career before moving this year. He generated more than $800,000 in fees and commissions last year.

Dorsey started his career in 1978 at E.F. Hutton, staying with the firm over the years through a series of mergers and acquisitions, joining Lehman Brothers and later Citigroup. Dorsey was most recently a senior vice president at Morgan Stanley Wealth Management, the brokerage formed out of the merger of Morgan Stanley's wealth business and Citi's Smith Barney in 2009.

Dorsey was joined at Raymond James by senior client service associate Angela Watson, also formerly with Morgan Stanley. The two joined Raymond James & Associates, the company's traditional employee broker-dealer division.

Raymond James also has an independent broker-dealer division in the United States and small brokerage units in Canada and Britain.

With its broker-dealer subsidiaries, Raymond James has more than 6,300 advisers managing about $390 billion in client assets. The company's acquisition of Memphis-based brokerage Morgan Keegan in April added the firm's roughly 1,000 advisers.

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