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.