Raymond James & Associates hired a new branch manager from rival Oppenheimer & Co., the firm said.

Richard Grobman will oversee Raymond James' Philadelphia office and report to Tony Barrett, the firm's Delaware Valley complex manager. Grobman will oversee 10 Raymond James advisers, the firm says.

While at Oppenheimer, Grobman oversaw the regional firm's office in the city where he was responsible for about 20 advisers and support staff, according to Raymond James.

Grobman is also a producing branch manager, having previously managed approximately $420 million in client assets and generated $1.1 million in annual revenue, according to his new employer.

Dawn DeAngelo, branch administrative manager, also moved with Grobman, according to Raymond James.

In a statement, Grobman says he joined the firm to help build out its presence in Philadelphia, adding that he anticipates "rapid" growth.

Raymond James has been steadily growing through its recruiting efforts. The St. Petersburg, Florida-based firm has more than 7,100 independent and employee advisers. The firm's total client assets are $643 billion.

Grobman is an industry veteran, having started his career at W.H. Newbold’s Son & Co., a predecessor firm of Oppenheimer, in 1985, according to FINRA BrokerCheck records. Raymond James says he got his start in the industry immediately after finishing his graduate studies at Drexel University, which is based in Philadelphia.

An Oppenheimer spokesman says the firm has already settled on Grobman's replacement: Michael Carberry, who recently oversaw broker recruiting efforts at the firm.

Carberry joined Oppenheimer in 2016 from Morgan Stanley, where he served as a branch manager, according to his LinkedIn profile.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access