Following the closing of its acquisition of Morgan Keegan, Tash Elwyn, president of Raymond James & Associates Private Client Group, announced Tuesday a hiring and a geographic reorganization within RJA, the employee broker-dealer subsidiary of Raymond James Financial (RJF).
In an interview, Elwyn said the realignment “reflects a balanced integration of the talented leadership” at RJA and Morgan Keegan that will help “support our growth plans” while also “maintaining a level of intimacy and responsiveness” to advisors. He mentioned specifically two former Morgan Keegan executives who will be co-division directors of the southern division of RJA, Dick Ferguson and Bill Geary, who he said had done “a great job supporting and retaining their financial advisors, especially within the past six months” since Morgan Keegan was put up for sale.
Elwyn also announced that the 20-year Raymond James veteran Erik Fruland (right) has been named chief operating officer and senior vice president of RJA Private Client Group, replacing Scott Curtis, who was previously named president of RJFS.
“Erik is a phenomenal addition to RJ Private Client,” said Elwyn, noting Fruland spent 10 years in RJ’s asset management services group, where he worked closely with advisors and has a “great depth of relationships” with Raymond James’ management team.
Elwyn (left) said Morgan Keegan advisors would continue to use their existing platform—including back-office and other technology applications—until the official integration of the two firms occurs in early 2013. However, he stressed that the former Morgan Keegan advisors and their clients will gain access immediately to Raymond James resources, such as its equity research, while Raymond James advisors will gain access to Morgan Keegan resources, such as expertise in fixed income.
The five divisions and their leaders are:
- Southern: Headed by co-division directors Dick Ferguson, a 25-year Morgan Keegan veteran, and Bill Geary, a 22-year Morgan Keegan veteran, supported by regional directors Jim Hamilton, Van Thompson and Michael Turnbough; all three are originally from Morgan Keegan.
- Eastern: Headed by Ira Federer, an 18-year Raymond James veteran, supported by regional directors Tom Walrond, who has been with Raymond James for 14 years, and Tom Galvin, a 15-year RJ veteran.
- Great Lakes: Headed by Bill Roney, who joined Raymond James in 1999.
- Southwestern: Headed by Patrick Allison, who joined Raymond James in 1994, supported by regional director Tommy Orr, who joined Morgan Keegan in 1995.
- North Central: Headed by John Kuklenski, who joined Raymond James in 1994.