Raymond James says it has hired a veteran branch executive from Morgan Stanley to run its new Southern New England Complex for employee advisors.
Bill Drew, who spent the past 24 years with Morgan Stanley and Smith Barney, is now in charge of Raymond James & Associates’ branch offices in Massachusetts, Rhode Island and Northern Connecticut.
“The Northeast continues to be one of the most important and strategic markets for the firm, and we are excited to welcome Bill as a key leader for RJA in that area,” according to Tom Galvin, North Atlantic regional director for RJA.
At Morgan Stanley, Drew led branches in the Greater Boston area. He became a financial advisor in 1995 at Smith Barney, moved into a management role in 2000 and was tapped to head the Boston Harbor complex in 2014.
“The marketplace is looking for a firm where advisors have the flexibility and control to run their practices and where they truly own their book of business,” Drew said in a statement.
“Raymond James is uniquely positioned in our industry to help meet those needs,” he added. “I am excited about this opportunity to contribute and increase Raymond James’ growth in this very important market.”
On Tuesday, Raymond James said it would become full owner of ClariVest Asset Management in April. It purchased about 45% of the firm, which has about $7.3 billion in assets, in 2012.
“Adding to our asset management suite of capabilities is consistent with the firm’s long-standing strategy of prioritizing organic growth and targeted acquisitions to thoughtfully expand Raymond James’ position in the industry,” according to Chairman and CEO Paul Reilly.
“ClariVest has been an important partner for several years and we’re excited to continue leveraging the team’s impressive expertise and investment services,” Reilly said.
The asset manager works on different investment services, including mutual funds and other pooled vehicles, corporate and public pensions, foundations and multi-employer defined benefit plans.
Its strategies focus on U.S. large- and small-cap, international and emerging markets equities, among others.
ClariVest will become a wholly owned subsidiary of Eagle Asset Management, a unit of Raymond James’ boutique asset management firm Carillon Tower Advisers, which has $64.6 billion in assets.