Raymond James and Associates has achieved its biggest coup ever with the addition of a $2.4 billion team from Morgan Stanley Wealth Management, Raymond James announced Wednesday.

Previously, the largest firm to join Raymond James was Quatter Capital Partners, a New York firm with $900 million in client assets, in December. Quatter had been with J.P. Morgan Securities.

“This newest move underscores the fact that we are no longer a regional firm. We are now a national player. Our technology and resources are at a level where a team of this size is quite comfortable moving to us,” Raymond James spokeswoman Anthea Penrose said.

The Americas Group will operate out of Raymond James offices in Miami and Boca Raton, Fla. The firm specializes in serving high-net-worth individuals, institutions and banks primarily located in the U.S. and the Caribbean region.

The advisors at The Americas Group are Don d’Adesky, W. Kristopher Lemke, Matthew Cicero, Jose Cabrera Sr., Kevin Gourrier and Ryan Weber.

“Raymond James offers us a platform that is consistent with our business model, particularly in the fixed-income area, and provides our high-net-worth and institutional clients with the necessary resources for achieving their investment objectives,” said Jose Cabrera Sr., managing director and senior vice president of investments in The Americas Group Miami office.

Christine Jockle, executive director of corporate communications at Morgan Stanley, confirmed the groups departure from the firm.

“We were no longer able to accommodate their business model,” she said. “They serve a number of smaller central banks in Caribbean and Latin American countries and for regulatory reasons we are shifting coverage of these clients to our institutional business and will no longer serve them in wealth management.”

D’Adesky, who heads the team’s Boca Raton practice, has been a frequent member of Barron’s top advisor list. He and his team have been with Morgan Stanley since 2009.

At Morgan Stanley, Cabrera was an executive director and member of the firm’s highest level Chairman’s Council.

Raymond James has 6,400 advisors; its independent advisory unit manages $502 billion in client assets.