Raymond James scores J.P. Morgan team managing $900M

Raymond James Financial has scored its largest financial adviser team hire by assets this year with the addition of a J.P. Morgan Securities team who previously managed nearly $900 million and had more than $6.7 million in production. The news team, which operates as Quattuor Capital Partners of Raymond James, also marks the first New York group for Raymond James & Associates, the firm's employee broker-dealer. (More: See who else has joined Raymond James.) The team is led by managing director Howard Franzblau and includes managing director and branch manager David B. Brennan; managing directors Richard A. Devine and Wayne Froud; senior investment management specialists Jason Franzblau and Al Myrie; senior registered sales associates Stacy Galli and Yvette Viani and senior sales associate Mitzi Phillips. The team contemplated going independent with Raymond James Financial Services Inc., before deciding to stick with the employee channel, according to Mr. Franzblau. Raymond James has other independent advisory offices in New York. “We're looking to continue to grow our group and provide top level service and results for our clients,” Mr. Franzblau said. “If other advisers want to join us, then that's something we'll entertain later on.” Mr. Franzblau previously served as an adviser at Bear Stearns, Oppenheimer & Co. and Merrill Lynch, where he began his career in 1983. (More: See who else has left JPMorgan.) Mr. Brennan also previously served at Bear Stearns, following various roles at Oppenheimer, Citibank and Merrill Lynch. He began his career in 1982 as a credit analyst at Chemical Bank of New York. Mr. Devine previously spent 17 years at Oppenheimer as a senior vice president of client services and a managed money consultant. He began his career at Drexel Burnham Lambert. Mr. Froud worked at J.P. Morgan and Bear Stearns for 10 years, following a 20-year stint at Oppenheimer. He began his career at Merrill Lynch in 1981. “We are delighted to have attracted such a high quality team to plant the first Raymond James & Associates flag in Manhattan and continue our objective of expanding our footprint throughout the Northeast,” Tash Elwyn, president of Raymond James & Associates' Private Client Group, said in a news release.