By Michael Wursthorn
A UBS Wealth Management Americas financial adviser has moved his
practice to Raymond James Financial Inc.'s traditional full-service
brokerage unit.
Patrick Yates, a $1.1 million-producing adviser with more than
$120 million in client assets, has joined Raymond James &
Associates's Louisville, Ky., branch. His two assistants, including
wife Carole Yates, left UBS as well.
Mr. Yates said in a statement that he opted to make the move
after "looking at several firms," and pointed to Raymond James's
"client-focused culture" and technology as some of the reasons
supporting the jump.
Mr. Yates was at UBS for 12 years, and before that, he worked at
Morgan Stanley and Pruco Securities LLC, a Newark, N.J.,
broker-dealer and investment adviser that is a subsidiary of
Prudential Financial Inc.
A UBS spokesman didn't immediately respond to a request for
comment.
Raymond James has hired at least three financial advisers for
its traditional unit this year. Last week, the firm announced that
Katherine Traver and Michael Gardner left RBC Wealth Management,
where they managed more than $185 million in client assets, to open
a new branch in Vermont.
The hiring of advisers such as Ms. Traver and Mr. Gardner is
part of a broader shift underway at Raymond James & Associates.
President Tash Elwyn previously told The Wall Street Journal that
the firm is in the midst of transforming itself from a regional
shop with Southeastern roots into a major brokerage competitor
through a focused expansion in the Northeast and along the West
Coast.
(Street Moves chronicles the migration of executives on Wall
Street, with a particular emphasis on financial advisers with more
than $1 million in annual production and those who manage more than
$100 million in client assets. Michael Wursthorn can be reached at
212-416-2218 or at michael.wursthorn@wsj.com.)
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