A team that managed $230 million in client assets has left Deutsche Bank to join Wells Fargo Advisors, a spokeswoman confirmed.
Veteran advisers Stephen Brady and Joseph Coffey joined Wells Fargo earlier this month in Washington. Brady started his career in 1979 with Merrill Lynch, according to FINRA BrokerCheck records. He later joined brokerage firm Alex. Brown, which was acquired by Deutsche Bank. Coffey joined Brady at Alex. Brown in 1991.
A Deutsche Bank spokeswoman declined to comment.
Their move comes in advance of Deutsche Bank's sale of its U.S. Private Client Services unit, which has about 180 elite advisers, to Raymond James. The deal is set to close in September. Almost all the Deutsche advisers have signed on to transition to Raymond James, which will operate the unit under its old name of Alex. Brown, CEO Paul Reilly told analysts during a recent earnings call.
So far Raymond James' acquisition of the Deutsche unit stands in contrast to Stifel's acquisition of Barclays U.S. wealth management business and Wells Fargo's deal to get exclusive recruiting access to Credit Suisse's U.S. brokers ahead of the Swiss firm's exit of the U.S. market. Most Deutsche advisers have not departed for other firms, whereas about half or more of the Barclays and Credit Suisse advisers opted to move to new firms such as Merrill Lynch and UBS.
In fact, more than 100 Credit Suisse advisers went to UBS – spurring Credit Suisse to file a raiding claim against its Swiss rival.
In recent years, Raymond James has done few acquisitions, opting instead to grow its adviser ranks through individual recruiting. The St. Petersburg, Fla.-based firm recently hit a new high of 6,834, up 69 from the previous quarter and by 327 from the year-ago period.