(In final paragraph corrects name of parent company to Raymond James Financial from Raymond James & Associates)
By Elizabeth Dilts
Aug 14 (Reuters) - Raymond James Financial Services, the independent broker-dealer arm of the brokerage and investment bank Raymond James Financial, said Thursday it hired a $1.1 million-producing adviser away from UBS Wealth Management Americas, underpinning the thriving independent’s prediction this will be its best recruiting year since 2008.
A 30-year industry veteran, Barry Stern, joined Raymond James on June 16 after resigning from UBS in Westlake Village, California, where he managed $107 million in client assets.
Stern started his financial services career at Merrill Lynch in 1983, later working at Prudential-Bache, Dean Witter and Morgan Stanley, and UBS.
Raymond James has been ramping up recruiting for more than a year, Tash Elwyn, president of Raymond James & Associates Private Client Group, told Reuters in June. The firm is on track to see its best year in terms of hiring more advisers with a strong track record of generating revenue than any year since the global financial crisis in 2008 and 2009. <ID:nL2N0PK15D>
The firm added 49 advisers during the second quarter of this year, bringing its total number of advisers to 6,251 at the end of June.
In contrast, UBS said it was letting go about 75 client service associates on Tuesday. Those employees are not financial advisers, but they handle customer inquiries and prepare paperwork and are considered critical to broker productivity.
The news came after disappointing second-quarter results in which UBS reported expenses jumped 8 percent and profit fell 3 percent.
Raymond James Financial has three divisions: a traditional employee brokerage division, a network of 3,200 independent advisers like Stern who affiliate with Raymond James Financial Services but own their own businesses, and a smaller group of registered investment advisers. The firm manages $479 billion in client assets in the United States, Canada and some countries overseas. (Editing by Jonathan Oatis)