$165M Morgan Stanley adviser joins Raymond James
Raymond James is still on a hiring spree.
The regional firm grabbed another wirehouse adviser who managed $165 million in client assets and generated about $1.5 million in annual revenue, according to the company.
Morgan Stanley veteran Kathleen Hobart said that she was impressed with the marketing and technology resources at Raymond James.
“My team wants to grow our business to twice our current size,” Hobart said in a statement. “At Raymond James, I truly believe we can do that with all the support we’ve discovered here.”
Hobart joined Raymond James from Morgan Stanley’s Seattle, Washington office where she had worked for nine years.
Hobart started her career at Dean Witter in 1987. She joined UBS in 1999 and worked there for nine years before moving back to Morgan Stanley, which had earlier acquired Dean Witter, according to FINRA BrokerCheck records.
Leaving Morgan Stanley with Hobart are associates Denise Leong and Kristin Carr. They now form the Hobart Group of Raymond James.
Leong started working with Hobart as an UBS intern. Carr and Hobart worked together at Dean Witter in 1989. They parted ways when Carr left Dean Witter and reunited at Morgan Stanley in 2016, according to Raymond James.
In the past month, Raymond James has nabbed advisers overseeing $2 billion in client assets. The regional firm currently has more than 7,100 advisers and $643 billion in client assets.
A Morgan Stanley spokeswoman declined to comment on Hobart’s departure.