A Morgan Stanley adviser who oversaw about $132 million in client assets left the wirehouse to join Raymond James Financial Services, the firm's independent channel, according to the firm.
Dieter Ramaekers previously generated $1.2 million in annual revenue while at Morgan Stanley, according to Raymond James.
He joined a former wirehouse colleague, Victor Adint, who went independent with Raymond James in 2009, the firm said.
Both Ramaekers and Adint began their careers at Morgan Stanley, according to FINRA BrokerCheck records. Ramaekers started at the wirehouse in 1998 and was followed by Adint seven years later, per BrokerCheck.
"I was considering going independent for some time," Ramaekers said in a statement, "and what attracted me most to Raymond James was the capability and flexibility to run my business the way I have always wanted."
Ramaekers, who made the move in July, is based in Los Gatos, California, which is part of the San Francisco Bay area.
A spokeswoman for Morgan Stanley declined to comment.
Earlier this week, Raymond James said it recruited a new complex manager for its employee channel. Jeff Mallula, who joined the St. Petersburg, Florida-based firm from Wedbush, had past work experience at Morgan Stanley and Merrill Lynch.