Raymond James recruited a team overseeing $1.3 billion in client assets from Merrill Lynch, a spokeswoman said.

The team, which is comprised of advisors David S. Loeb Jr., and brothers Edward and Jim Fernberger, generated approximately $7 million in annual revenues, according to Raymond James.

"We selected Raymond James, after extensive due diligence primarily because the firm provides the size, scale and national presence to support the needs of our clients," Jim Fernberger said in a statement.

The group joined Raymond James in Jenkintown, Pa., a suburb of Philadelphia. They report to Dan Jones, branch manager.

Loeb started his career in the research department of Newburger in the 1950s, according to Raymond James. Loeb became a financial advisor after that firm was acquired by Advest in 1970.

Ted Fernberger started his advisory career at Advest in 1972 while his brother joined the firm in 1979. All three advisors stayed on through Advest's acquisition by Merrill Lynch.

Also moving with the team are Jim Fernberger's son, Alex, who is an associate vice president, and senior registered service associates Donna Dembeck and Jean Schneider and senior client service associates Eileen Gravinese and Jenn Dreibelbis.

Alex Fernberger joined his father at Merrill in 2011, according to Raymond James.

A spokeswoman for Merrill declined to comment on the departures.

This is the second mega team that Raymond James has picked up recently. Last week, the St. Petersburg, Fla.-based firm said that it had lured away a $1 billion team from Stifel. Brothers Leo and Larry Goeas joined Raymond James in Honolulu.

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