Raymond James has hired Larry Adam for the new position of chief investment officer for its Private Client Group. Adam moves to the broker-dealer from Deutsche Bank, where he was both chief investment officer–Americas and global chief investment strategist for Deutsche Bank Wealth Management.
He worked for Alex. Brown & Sons starting in 1992 and stayed with the firm through both its 1997 purchase by Bankers Trust and later acquisition by Deutsche Bank in 1999; Raymond James bought the business from Deutsche Bank in 2016, when it had about 200 financial advisors and $40 billion in assets.
“Raymond James’ advisors appreciate and leverage our award-winning research and thoughtful investment insights when considering market, economic and policy forces on their clients’ investments,” according to Chairman and CEO Paul Reilly.
“Adding Larry’s leadership, impressive background and experience, deep industry knowledge and nuanced investment perspectives delivers on our commitment to provide advisors and clients with the best tools and resources available,” Reilly added.
Adam has is earned the Chartered Financial Analyst, Certified Investment Management Analyst and Certified Financial Planner designations.
“The vision and support from management, the inspiring culture and outstanding reputation make Raymond James the premier destination for anyone in the financial services industry,” the new Raymond James executive said in a statement. “The opportunity to complement the already well-respected, highly regarded macro, equity and fixed income research capabilities will only make the existing platform even more impactful.”
Overall, the firm has 7,813 advisors as of Sept 30. That’s up 467 from a year ago and 94 from the prior quarter. Of the total, 4,646 advisors are independent, and 3,167 are employee reps.
Assets under administration grew 15% year over year to $755.7 billion in the laster period. Fee-based assets soared 24% to $366.3 billion.