June 17 (Reuters) - Raymond James Financial Inc said on Monday it hired a team of veteran advisers from U.S. brokerage Morgan Stanley Wealth Management to join the company's independent broker-dealer division in Illinois.
The group, led by adviser Scott Schuster, managed more than $240 million in client assets at Morgan Stanley and produced annual revenue of $1.9 million.
The team, which moved in May, includes adviser Paul Casazza, operations manager Mary Phillips and chief financial officer Heather Schuster. They together formed Dashboard Wealth Advisors, an independent firm affiliated with Raymond James Financial Services Inc, the company's independent adviser division.
The advisers had been with Citigroup's Smith Barney before joining Morgan Stanley Wealth Management, the brokerage that formed out of the merger of Morgan Stanley's wealth unit and Citi's Smith Barney in 2009.
Morgan Stanley declined to comment on the adviser departures.
St. Petersburg, Florida-based Raymond James also has a traditional employee 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.
(Reporting by Ashley Lau in New York; editing by Jim Marshall) Keywords: RAYMONDJAMES ADVISERS/
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