Dec 14 Raymond James Financial Inc said
on Friday that it hired a veteran team from Morgan Stanley
that manages more than $204 million in client assets.
The three-person team, known as the Sunset Financial Group,
is led by Scott Cutliff. He, along with Donald Horras and
Patricia Polster, joined a Raymond James office in Fort
Lauderdale, Florida. The three advisers, whose annual production
totaled about $1.5 million, according to Raymond James, had been
with Morgan Stanley for nearly all of their careers.
Raymond James' announcement on Friday marks the second time
in a week that the company added to the ranks of its south
Florida brokers by luring away advisers from Morgan Stanley.
The company said last Friday that it added veteran Morgan
Stanley adviser Victoria Azpurua to the firm's office in Coral
A Morgan Stanley spokeswoman declined to immediately
The Sunset Financial Group members joined Raymond James &
Associates, the company's traditional employee broker-dealer
division. Raymond James, based in St. Petersburg, Florida, 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 has more
than 6,300 advisers managing $388 billion in client assets. The
company's acquisition of Memphis-based brokerage Morgan Keegan
in April added roughly 1,000 advisers.
Including these moves, at least 237 advisers who managed
more than $38.6 billion of client assets have left Morgan
Stanley this year through mid-December. Another 113 advisers or
teams who had overseen a total of $16.6 billion of client assets
joined Morgan Stanley this year, according to adviser moves
tracked by Reuters.
Reuters tracks the moves of individual advisers or teams
that manage at least $100 million or more in client assets,
which typically translates to $1 million or more in annual