July 9 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
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.