| NEW YORK, June 26
NEW YORK, June 26 Brokerage Raymond James &
Associates hired a three-member team away from rival
Stifel, Nicolaus & Co, Raymond James announced.
Raymond James has boosted the number of advisers it employs
this year, adding nearly three times as many employee advisers
as advisers who operate its retail brokerage franchises.
The team, comprised of James M. Pucci and his sons, Jason
Pucci and James C. Pucci, managed nearly $200 million in client
assets at Stifel Nicolaus and produced $3.1 million in revenue
in the last 12 months.
James M. Pucci has more than 46 years of experience and
worked at Merrill Lynch before its acquisition by Bank of
America. His team will be based in Goshen, New York.
Raymond James announced the move on Tuesday.
The brokerage has been an active recruiter this year, hiring
at least 43 financial advisers managing $4.66 billion in client
assets, according to moves announced by Raymond James and
tracked by Reuters. Of those, 31 advisers went to its
traditional broker-dealer arm, compared with the 12 advisers
that went to its independent division.
(Reuters tracks moves of financial advisers who manage at
least $100 million in client assets or produce $1 million or
more in trailing 12 months revenue).
In contrast, Stifel Nicolaus this year has added 17
financial advisers who managed nearly $2 billion in client
assets, according to moves tracked by Reuters that were publicly
announced by Stifel.
A spokesman for Stifel Nicolaus did not immediately respond
to requests for comment on the latest move.
Raymond James & Associates is a subsidiary of Raymond James
Financial, which employs about 6,200 financial advisers managing
$462 billion in client assets in the United States and Canada,
as well as some countries abroad.
(Editing by Jonathan Oatis)