Two Morgan Stanley teams that oversaw more than $680 million in client assets joined Raymond James & Associates, the firm's employee channel, according to the company.
In the larger of two moves, the Campbell Courtright Group joined Raymond James last month in Boise, Idaho. The team is comprised of advisers William Campbell and Patrick Courtright as well as Campbell's wife Eltiena, senior investment management specialist, and Christine Robertson, registered service associate.
Recent market and economic headwinds have dampened growth at all three firms, which have been striving to grow through recruiting and acquisition deals.
They previously managed over $360 million in client assets, according to Raymond James.
Campbell started his career at New England Securities in 1992, according to FINRA BrokerCheck records. He did a stint as an independent adviser with Raymond James' independent broker-dealer from 2002 to 2011, when he moved to Morgan Stanley.
He said in a statement that his experience while an independent adviser with Raymond James was "excellent," and added that he wanted to return to the firm.
Courtright joined Campbell's team while he was an independent adviser. Courtright has previous work experience at Wachovia Securities and as an auditor at the Idaho State Tax Commission, according to Raymond James.
Plus, Wells Fargo hires a $700M team from J.P. Morgan Private Bank and helps a $587M Morgan Stanley team go independent.
Also joining Raymond James in Boise are advisers Debra Riedel and Josh Miles and senior registered service associate Michele Cisario. They previously oversaw $325 million in client assets and had $1.8 million in annual production, according to Raymond James.
Riedel said in a statement that they made the move because they were attracted to the firm's culture, particularly after visiting the firm's home office in St. Petersburg, Florida.
Riedel is an industry veteran of 35 years, according to BrokerCheck. She worked at Dean Witter, E.F. Hutton and Lehman Brothers before joining Smith Barney in 1993. She stayed with the firm through its merger with Morgan Stanley.
Miles joined Smith Barney in 1996, and transitioned to Boise after the merger with Morgan Stanley, according to Raymond James.
They joined Raymond James last month.
A Morgan Stanley spokeswoman declined to comment.
