Practice Management

Raymond James nabs $665 million Morgan Stanley team

Second big unit in as many weeks to leave wirehouse for regional firm.

Raymond James Financial Inc. has picked up another large team from Morgan Stanley Wealth Management, this time a $665 million unit in Grand Blanc, Mich.
The team, which comprises six advisers operating as The Horizon Group, produced $4 million in revenue last year, according to a statement from Raymond James.
It is the second major defection from Morgan Stanley that Raymond James has announced this month, after the firm said last week it picked up a $2.4 billion team working in Florida. That team left Morgan Stanley after the firm reclassified certain institutional clients and could no longer serve them in wealth managment, according to a spokeswoman at the firm, Christine Jockle.
The Horizon group left Morgan Stanley in mid-May, Ms. Jockle confirmed. She declined to comment further.
The team includes Terrence J. Andrysiak, William H. Moeller, Jennifer Olsen, Dana Czmer, Adam Coselmon and Michael Drainville. Their assets come from wealthy families, business owners and corporate executives, as well as some company retirement plans and endowments, according to the Raymond James statement.
Their decision to move was prompted by a need for more control, Mr. Andrysiak said.
“The primary driver was getting ourselves into a culture where we felt we could control a lot more of our decisions within our teams and also the decisions going forward with regards to the type of practice we want to run,” he explained.
The group will have its own office in Grand Blanc as opposed to operating as part of a larger branch office, he said.
Mr. Andrysiak came to Morgan Stanley in 2009 by way of Smith Barney, which he joined in 2006. He began his career at New England Securities in 1993.
Other advisers on the team, including Mr. Moeller, Ms. Olsen and Mr. Czmer, joined Mr. Andrysaik in 2006 and 2007 at Smith Barney.
Raymond James also picked up a $350 million Fargo, N.D.-based team from Morgan Stanley in May, according to InvestmentNews data.
In addition, the firm said yesterday it recruited a $400 million Merrill Lynch team in Cincinnati.