Raymond James has hired a team from Morgan Stanley Smith Barney that managed $80 million and had annual production of $1 million.
A 35-year financial services veteran, Karl Rothermund will move his team to the Scottsdale, Ariz., office of Raymond James & Associates. Rothermund comes to Raymond James from Morgan Stanley Smith Barney, where he managed $80 million in high-net-worth client assets and had about $1 million in annual production. He joined Smith Barney 19 years ago and left to join Morgan Stanley in 2006.
Rothermund is joined by his son, Ryan Rothermund, associate vice president of investments, and Susan Dover, registered service associate, with whom he has partnered for more than nine years.
"Clients are sure to benefit from Karl's years of investment experience and the expertise he brings to the Scottsdale location," Pat Allison, division director for Raymond James' southwestern division, said in a statement.
Raymond James & Associates is a wholly owned subsidiary of Raymond James Financial, Inc., a St. Petersburg, Fla.-based financial services holding company with more than 6,300 financial advisors serving 2 million accounts in more than 2,600 locations throughout the U.S., Canada and overseas.