April 8 Raymond James Financial Inc said it had hired a team of financial advisers from J. P. Morgan Securities LLC.
Michael Cohen, Benjamin Cohen and their team have joined Raymond James & Associates Inc, a wholly owned subsidiary of Raymond James Financial.
The team, which joined at the end of February, will be based out of Chicago.
The team managed about $670 million in client assets at J. P. Morgan Securities, generating annual fees and commissions in excess of $4.2 million.
Michael Cohen, who has been in the financial services industry for over five decades, started his career in 1971 with H. Hentz & Co in Chicago. He spent most of his career with Bear Stearns, which was acquired by J.P. Morgan Securities in 2008.
Benjamin Cohen began his financial services career at Bear Stearns in 2006.
J. P. Morgan Securities could not be reached immediately to confirm the move.
Raymond James has hired financial advisers in the past three months from a host of firms including UBS, Morgan Stanley and Merrill Lynch. (Reporting by Avik Das in Bangalore; Editing by Sriraj Kalluvila)