ON THE MOVE-Raymond James recruits two from Sterne Agee in California

Reuters

NEW YORK, June 26 (Reuters) - Raymond James & Associates, the branch-based arm of the parent brokerage firm Raymond James Financial, hired two financial advisers away from Sterne, Agee & Leach to join its San Francisco office, a Raymond James spokeswoman said on Thursday.

A father and son team, Stephen and Justin Adams managed more than $200 million in client assets and produced $1.1 million in revenue in the last 12 months at Sterne Agee.

The Adams started at Raymond James on May 27, just a few weeks after another financial adviser, Stephen Besse, was hired at another Northern California office in Walnut Creek.

Besse joined Raymond James on May 2 from Morgan Stanley , where he managed $360 million in client assets and produced $1.35 million in revenue in the last year.

The new hires reflect a strategy of focused growth on the West Coast, said Northern California complex manager Nathan Clakley.

Clakley worked with Stephen and Justin Adams previously at Van Kasper & Co, the San Francisco-based investment bank Stephen Adams helped found and which Wells Fargo & Co bought in 1999.

A spokeswoman for Sterne Agee was not immediately available to comment.

Raymond James & Associates is a subsidiary of Raymond James Financial, which employs about 6,200 financial advisers managing $462 billion in client assets in the United States and Canada, as well as some countries abroad.

(Reporting by Elizabeth Dilts; Editing by Jonathan Oatis)

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