Former Smith Barney broker opening new firm in NY

NEW YORK, Dec 10 (Reuters) - Veteran broker Glenn Fischer has left Smith Barney, where he spent the bulk of his 28-year career, to launch New York Wealth Management, an independent firm which will be affiliated with Raymond James Financial Inc. (RJF.N).

Joining Fischer in the Garden City, New York, office will be Joseph Scotto, a 26-year Wall Street vet managing over $200 million in client assets, 20-year financial advisor Patrick Adams and Vincent Lopes. The office will target high net worth individuals and families.

Raymond James Financial Services is an investment advisory firm with a network of more than 3,300 independent advisers in 2,000 U.S. offices.

Citigroup (C.N) recently merged its Smith Barney unit with the wealth management business of Morgan Stanley (MS.N) to create a joint venture Morgan Stanley Smith Barney. (Reporting by Joseph A. Giannone; editing by Carol Bishopric)