An advisor who oversaw $327 million in client assets joined Alex. Brown, a high-end wealth management unit of Raymond James, the company said.
James Sheehan left UBS prior to the firm's withdrawal from the Broker Protocol, according FINRA BrokerCheck records. He is based in New York and reports to John Sutton, regional executive for Alex. Brown.
Raymond James acquired Alex. Brown from Deutsche Bank in 2015 in order to beef up its offerings in the high-net-worth and ultrahigh-net-worth space. The unit is also a complement to Raymond James's other business lines, which include custodial services for RIAs as well as broker-dealer units for independent and employee advisors.
Overall, Raymond James has approximately 7,300 financial advisors and client assets totaling approximately $704 billion. The Alex. Brown unit has about 200 advisors.
The St. Petersburg, Florida-based firm has been an aggressive recruiter of advisor talent in recent years, and the Alex. Brown unit has not been an exception. In August, Alex. Brown picked up a $500 million team from Morgan Stanley, also in New York.
For his part, Sheehan said he had been considering a move for some time. He was drawn to Alex. Brown and Raymond James for several reasons including its technology and culture.
"As a former active Marine, I recognize my life's purpose is to serve others, and so I wanted a firm that understood that service-first culture," he said in a statement.
Sheehan had been with UBS since 1999, according to FINRA BrokerCheck records. He generated more than $1.1 million in annual fees and commissions while at the wirehouse, according to Raymond James.
A UBS spokeswoman could not be reached for comment.
The wirehouse, following Morgan Stanley's lead, exited the Broker Protocol earlier this month. The industry pact permits advisors who switch firms to take basic client information with them.