A team managing $5.5 billion at Comerica Inc. jumped to Raymond James Financial\u2019s employee channel in Newport Beach, California, according to a source close to the move.<\/p>\n
The Capital Reserve Group, which the source said produced $6 million in annual revenue, moved on July 6. The team is led by Cory J. Matsumoto, Genae A. Affrunti and Rey L. Carandang, according to their Raymond James website.\u00a0<\/p>\n
The three team leaders had all joined or started with Comerica between 2012 and 2014, according to registration records. The trio, who moved with support staff Julia Bica and Brian Toyama, did not return a request for comment.\u00a0<\/p>\n
Their departure comes after Comerica sold in February to Fifth Third and as Comerica\u2019s advisors are transitioning<\/a> from Ameriprise Financial\u2019s independent brokerage platform to Fifth Third\u2019s in-house brokerage and custody platform.\u00a0<\/p>\n A Fifth Third spokesperson declined to comment. The exit of the nearly 90 Comerica advisors from Ameriprise weighed on asset flows<\/a> to the Minneapolis-based firm\u2019s wealth unit in the first quarter of this year. Those advisors, concentrated in Arizona, California, Florida, Michigan, Texas and the Carolinas, managed around $18 billion in its \u201csecurities business,\u201d according to a 2023 announcement.\u00a0<\/p>\n Ameriprise, which signed on Comerica as a clearing and custody client that year, received a $25 million breakup fee<\/a> in the first quarter this year as it unwound the relationship.<\/p>\n Raymond James meanwhile has been making a broader push to expand its employee brokerage business on the West Coast through experienced advisor recruiting. It last month hired a $1.2 billion-asset team<\/a> from Royal Bank of Canada\u2019s City National Bank in Beverly Hills, California.\u00a0<\/p>\n While it recently lost two teams<\/a>, including one employee and one independent group, to &Partners and Janney Montgomery Scott, Raymond James reported<\/a> in April it had its second-best recruiting quarter on record in the first three months of the year.\u00a0\u00a0<\/p>\n