Raymond James & Associates snatched a $2.9 billion team away from Merrill Lynch on Monday.
The Mahoney Group, a West Nyack, N.Y.-based firm led by managing director Chris Mahoney, is one of the largest teams to ever to move to RJA in the company’s history, according to Tom Galvin, the firm's North Atlantic regional director.
“Their reputation is formidable—Chris and his multi-generational team are such a good fit for our firm’s culture and values,” Galvin said in a statement.
Mahoney joined Merrill Lynch in 1982 and had spent his entire career with the firm before jumping to Raymond James. Mahoney called the move “bittersweet,” but said joining RJA would better deliver the “long-established value proposition that our clients have come to expect.”
“With [RJA’s] genuine focus on putting clients’ interests first, supporting its advisors through enhanced technology and providing us the flexibility we need to serve our clients, it really was the best choice for us,” Mahoney said.
Coming with Mahoney are financial advisors Kevin Mahoney, Mark Marotta, Kristen Koluch and Phil Murphy.