Merrill Lynch Brokers Managing $1.3 Billion Join Raymond James -- Street Moves
March 01 2016 - 5:28PM
Dow Jones News
By Michael Wursthorn
A team led by three Merrill Lynch brokers managing $1.3 billion
has joined Raymond James & Associates.
Advisers David S. Loeb Jr. and brothers Edward Fernberger Jr.
and Jim Fernberger will work out of Jenkintown, Pa., for Raymond
James. At Merrill, the three brokers generated about $7 million in
fees and commissions annually.
Jim Fernberger said in a statement that they chose Raymond James
after a lengthy review of their options because of its
client-centered culture. He added that Raymond James was "somewhat
reminiscent" of the trio's days together at brokerage Advest Group
Inc., which Merrill acquired in 2005 from Paris-based AXA SA. They
continued on as brokers at Merrill after the acquisition.
The team also includes adviser Alex Fernberger, the son of Jim
Fernberger, and four client-service associates.
A Merrill spokeswoman confirmed the departures but didn't
comment further.
Write to Michael Wursthorn at Michael.Wursthorn@wsj.com
(END) Dow Jones Newswires
March 01, 2016 17:13 ET (22:13 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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