A former executive at Deutsche Bank is joining Raymond James to become the first chief investment officer of its Private Client Group.
The independent broker/dealer said Monday that it hired Larry Adam, who previously was both the global chief investment strategist for Deutsche Bank Wealth Management and the CIO of the German bank’s businesses in the Americas, to fill the new role.
Paul Reilly, Raymond James’ chairman and CEO, said in a statement that advisors at his firm will appreciate and be able to leverage Adam’s insights on investments in the context of markets, economics and policy.
Adam’s hiring is the latest in a series of changes to the C-suite at Raymond James this year. After the retirement of COO Dennis Zank, the company said in June that Scott Curtis, the president of Raymond James Financial Services, would head the Private Client Group, overseeing all the firm’s retail advisory business. It also named Tash Elwyn, the president of Raymond James & Associates, the firm’s employee advisor channel, the president and CEO of Raymond James & Associates’ b/d.
Raymond James also said at the end of its fiscal year in October that it had a banner year in terms of recruiting new advisors. A total of 467 new advisors, including a team in New York managing more than $1 billion, brought with them $300 million in trailing 12-month production–more than the firm’s Alex. Brown acquisition, Reilly said during the fourth quarter earnings call.
The Private Client Group includes more than 7,300 employees and independent financial advisors who brought in more than $4.4 billion in revenue in 2017, 69 percent of the company’s total. It also had the second-highest return on equity of all the company’s business lines last year at 12.2 percent, the firm said.