Dec 14 (Reuters) - 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 Gables, Florida.
A Morgan Stanley spokeswoman declined to immediately comment.
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 revenue production.