ON THE MOVE-Raymond James lands UBS broker team in Florida
July 9 (Reuters) - Raymond James Financial Inc said on Tuesday it hired a team of veteran advisers from UBS AG's Wealth Management Americas, expanding the firm's adviser footprint in Florida.
Advisers Michael Brannam, Sr. and Patrick Brannam, who together managed more than $250 million in client assets at UBS, joined Raymond James in Jacksonville, Florida. The advisers had a combined annual revenue production of more than $1.5 million.
The advisers, who joined as senior vice presidents and together formed the Brannam Wealth Management team, joined Raymond James & Associates, the company's traditional employee broker-dealer division.
The senior Brannam, who has worked in the industry for 45 years, had originally served as the branch manager of UBS's Jacksonville office, which he opened in 1980 with PaineWebber.
UBS Wealth Management Americas, formed out of the old PaineWebber brokerage, is the fourth-largest U.S. brokerage, owned by the Swiss bank UBS AG.
UBS declined to comment on the adviser departures.
St. Petersburg, Florida-based 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 6,297 advisers and representatives who managed $406.8 billion of client assets as of the end of March. The company reports its next quarterly results in late July.