$200M Merrill team goes indie with Raymond James

A Merrill Lynch team that managed $200 million in client assets left the wirehouse to join Raymond James' independent channel, a spokesman said.

David Jackson and Martin Spears generated more than $1.8 million in annual production while at Merrill, according to Raymond James. They now operate as Southern Springs Capital Group, based in Nashville, Tenn. Jackson is managing partner of investments and Spears is managing partner of operations.

Both Jackson and Spears started their careers at Merrill in 1995 and 1999 respectively, according to FINRA BrokerCheck records.

A Merrill spokeswoman confirmed the move and declined to comment further.

The independent side of Raymond James also said it recently recruited a $100 million adviser from UBS. Tom O'Byron in mid-May was recruited by Steward Partners, an independent firm affiliated with Raymond James' independent broker-dealer, the firm said.