By Elizabeth Dilts
NEW YORK, June 26 (Reuters) - Brokerage Raymond James & Associates hired a three-member team away from rival Stifel, Nicolaus & Co, Raymond James announced.
Raymond James has boosted the number of advisers it employs this year, adding nearly three times as many employee advisers as advisers who operate its retail brokerage franchises.
The team, comprised of James M. Pucci and his sons, Jason Pucci and James C. Pucci, managed nearly $200 million in client assets at Stifel Nicolaus and produced $3.1 million in revenue in the last 12 months.
James M. Pucci has more than 46 years of experience and worked at Merrill Lynch before its acquisition by Bank of America. His team will be based in Goshen, New York.
Raymond James announced the move on Tuesday.
The brokerage has been an active recruiter this year, hiring at least 43 financial advisers managing $4.66 billion in client assets, according to moves announced by Raymond James and tracked by Reuters. Of those, 31 advisers went to its traditional broker-dealer arm, compared with the 12 advisers that went to its independent division.
(Reuters tracks moves of financial advisers who manage at least $100 million in client assets or produce $1 million or more in trailing 12 months revenue).
In contrast, Stifel Nicolaus this year has added 17 financial advisers who managed nearly $2 billion in client assets, according to moves tracked by Reuters that were publicly announced by Stifel.
A spokesman for Stifel Nicolaus did not immediately respond to requests for comment on the latest move.
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.
(Editing by Jonathan Oatis)