Jan 28 Raymond James Financial Inc has expanded its adviser base in Texas with a veteran duo from top U.S. brokerage Morgan Stanley Wealth Management.
St. Petersburg, Florida-based Raymond James said on Monday that advisers Marlene Fowler and Christopher Fowler joined the company's Houston branch earlier this month.
The husband-and-wife team, also known as Fowler Financial Group, managed more than $70 million in client assets at Morgan Stanley Wealth Management, the brokerage majority-owned by Morgan Stanley and partially owned by Citigroup. Before joining Morgan Stanley, the advisers worked at A.G. Edwards, where they managed more than $100 million in client assets.
Raymond James also said on Friday it added a team of former Morgan Stanley advisers in Newtown, Pennsylvania. Those advisers, known as M2K Financial of Raymond James, managed $146 million in client assets at Morgan Stanley.
Morgan Stanley declined to comment on the departures.
Both teams joined Raymond James & Associates, the company's traditional employee broker-dealer. Raymond James also has an independent broker-dealer division in the United States and smaller brokerage units in Canada and Britain.
With its broker-dealer subsidiaries, Raymond James had 6,289 advisers and representatives who managed $392 billion of client assets as of the end of December.
Raymond James Chief Executive Paul Reilly said in an interview last week that he expects more advisers to join the firm once it finishes integrating its Morgan Keegan brokerage unit next month.
In 2012 Raymond James added at least 52 veteran advisers who managed more than $5.7 billion in client assets at their old firms, based on moves tracked by Reuters.
The majority of the recruits came from one of the top four U.S. brokerages, or so-called "wirehouse" firms - Morgan Stanley Wealth Management, Bank of America Corp's Merrill Lynch, Wells Fargo Advisors and UBS Wealth Management Americas.