A team led by three Merrill Lynch brokers managing $1.3 billion has joined Raymond James & Associates.
Advisers David S. Loeb Jr. and brothers Edward Fernberger Jr. and Jim Fernberger will work out of Jenkintown, Pa., for Raymond James. At Merrill, the three brokers generated about $7 million in fees and commissions annually.
Jim Fernberger said in a statement that they chose Raymond James after a lengthy review of their options because of its client-centered culture. He added that Raymond James was “somewhat reminiscent” of the trio’s days together at brokerage Advest Group Inc., which Merrill acquired in 2005 from Paris-based AXA SA. They continued on as brokers at Merrill after the acquisition.
The team also includes adviser Alex Fernberger, the son of Jim Fernberger, and four client-service associates.
A Merrill spokeswoman confirmed the departures but didn’t comment further.