Raymond James Nabs $240M FBT Investments Team
Raymond James has recruited a team of advisors managing $240 million in New Orleans, the company says in a press release.
Financial advisors Leonard Alsfeld, Leo Barros and Chris McLaughlin, and operations manager Jannie Markey join Raymond James’s employee broker-dealer channel from FBT Investments, according to the press release. They will operate as AGESS Wealth Advisors of Raymond James.
Alsfeld, a 38-year veteran of the financial industry, founded FBT Investments as the broker-dealer subsidiary of First Bank & Trust in New Orleans and had served as the wealth management firm’s president and CEO, according to Raymond James. He had been with FBT since 2001 following stints at seven different financial services firms, according to his BrokerCheck profile. He also founded the Louisiana Association of Broker-Dealers, according to Raymond James.
Alsfeld says he brought his team over to Raymond James because he “really wanted to liberate” himself from executive management duties so that he could spend more time with clients and to expand the firm’s offerings.
Barros started his financial advice career at FBT in 2010, according to BrokerCheck.
McLaughlin had been in the industry since 1993 and at FBT since 2001, according to his BrokerCheck record. He and Alsfeld had met at F.N. Wolf & Co., which McLaughlin had joined in 1993, according to Raymond James.
In other news, Peapack-Gladstone Financial Corporation is buying the boutique wealth management firm established by JPMorgan alumni Jeff Fisher and Jim Kearney, Peapack-Gladstone says in a press release.
Founded in 2001, the Fairfield, N.J.-based Quadrant Capital Management offers financial planning and investment, retirement, tax and insurance advice, according to the press release. The company currently manages more than $400 million, Peapack-Gladstone claims. Fisher and Kearney say in the press release that the sale will let Quadrant ensure long-term continuity as well as expand its trust and banking offerings. Peapack-Gladstone Financial Corporation is the parent company of Peapack-Gladstone Bank.
Acquiring Quadrant, meanwhile, is part of Peapack-Gladstone Bank’s growth strategy for its private wealth management division, according to the press release.
In July, the company also acquired Murphy Capital Management, the bank says. The company’s wealth unit had $4.7 billion in assets under management and administration as of the end of August, according to the press release.