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Practice Management > Building Your Business

Raymond James Adds Billion-Dollar Group in Guam

By Janet Levaux

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Several months after it added a former Morgan Stanley (MS) team with some $2.4 billion in institutional and retail clients in South Florida, Raymond James (RJF) says it is welcoming a $1 billion group in Guam.

The Asia Pacific Group joins Raymond James’ employee channel. The team, which has about $3 million in yearly fees and commissions, serves public funds, endowments, foundations, corporations and high-net-worth investors in the Western Pacific U.S. region.

It includes Daniel A. Roland, managing director and senior institutional consultant, and Jason B. Miyashita, senior vice president of investments and senior institutional consultant. Maree C. Pelkey, associate vice president of investments, plans to move to Raymond James by the end of November.

Morgan Stanley is closing its Guam office. In recent months, the wirehouse’s wealth management channel has tightened service to overseas and institutional clients.

In June, when the Americas Group moved to Raymond James with about $2.4 billion in client assets, Morgan Stanley said it was “no longer able to accommodate [the team's] business model, and for regulatory reasons, we are shifting coverage of these clients to our institutional business and will no longer serve them in wealth management.”

Meanwhile, Raymond James sees opportunity in Guam, a U.S. territory.

“We are pleased Dan and Jason decided to join us as we expand our services to advisors and their clients in the Western Pacific U.S.,” said Tash Elwyn, president of Raymond James & Associates, in a statement. “With more than 50 years of combined industry experience, they are a well-established, respected team that has remained committed to doing what is best for their clients. We are delighted to welcome them to Raymond James as we expand the firm’s offerings for both advisors and clients in the region.”

“This team marks the first advisors to join Raymond James & Associates in Guam,” said Rick Sanchez, West Coast regional director for RJA. “We anticipate growth in Guam through internal development of the team and by attracting new professionals to the Asia Pacific Group, and we look forward to continuing this momentum and growing the firm’s presence in the Pacific.”

A founding partner of the Asia Pacific Group, Roland has more than 37 years of institutional investment consulting experience, while Miyashita, also a founding partner, has more than 12 years of experience in the business.

 “We wanted to find a firm that was truly client-centric and Raymond James offers us that unmatched culture we were looking for,” said Roland, in a press release. “The firm also offers us freedom to run our business, access to firm leadership and the type of support we need to continually provide exceptional service to our clients. We are confident Raymond James was the right move for our practice and our clients.”

Raymond James & Associates’ Los Angeles complex manager Chris Horner and Beverly Hills branch manager Andy Waldbaum now support the Asia Pacific Group.

— Check out Raymond James Confab Highlights Female FAs, Growth and Clients on ThinkAdvisor.

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