A Merrill Lynch executive has left to serve as a branch manager at Raymond James & Associates, the firm's traditional employee broker-dealer.

Andy Waldbaum will oversee Raymond James' Beverly Hills, Calif., office, which opened earlier this year. Waldbaum was previously vice president of business strategy and initiative manager at Merrill, according to statement released by Raymond James. Prior to Merrill, he had worked at Morgan Stanley, according to FINRA records.

“Beverly Hills is a key office as we continue our expansion plans in this important region, and we are delighted to have partnered with such proven talent as Andy. His experience in building and developing teams of advisors is just what we are looking for,” said Tash Elwyn, president Raymond James & Associates, in a statement.

On the same day, the firm also announced that an advisor group, headed by Gary Handler, had been assigned to the same office.

According to FINRA records, Handler moved from UBS to Raymond James in April. He is a 25-year industry veteran and is joined by senior registered sales associate Mariejoy Cabel and sales associate Amber Wilder.

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