Raymond James recruited a $2.4 billion team from Morgan Stanley – the biggest in the firm's history, a spokeswoman said.

The move is a milestone in Raymond James' recruiting efforts, as the firm has sought to build out its employee channel, particularly in the Northeast and Pacific Coast states. This latest move dwarfs the firm's biggest grab last year, a $900 million team from J.P. Morgan. That four-advisor team opened Raymond James' first office in Manhattan.

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