MK deal closed — and the rejiggering starts at Raymond James

Morgan Keegan executives Dick Ferguson and Bill Geary will head up the Southern division of Raymond James' private-client group. The appointment of the two veterans is part of a realignment of the firm's operating divisions as Raymond James & Associates Inc. integrates the more than 1,000 Morgan Keegan & Co. Inc. financial advisers and the dozens of branch managers and senior executives that have joined the firm. The merger of the two brokerages closed April 2. “Our new structure reflects a balanced leadership team from both Raymond James and Morgan Keegan,” said Tash Elwyn, who was appointed president of Raymond James' private-client group last November. “Our intent is to maintain and preserve the Raymond James culture while integrating Morgan Keegan into the firm.” Mr. Elwyn was formerly director of the Atlantic division, which has been renamed the Southern division. About 60% of Morgan Keegan advisers will practice in the division. Mr. Ferguson and Mr. Geary will oversee three regional directors in the division, all of whom also came from Morgan Keegan. The other Morgan Keegan executive appointment announced today was that of Tommy Orr, regional director for the Southwestern division — formerly the Texas division. Mr. Orr will continue to manage Morgan Keegan's Houston office and, under divisional director Pat Allison, help oversee all other branches in the division. Two Raymond James complex managers were promoted to the regional director level. Tom Walrond, who runs the firm's Philadelphia complex, and Tom Galvin, who oversees Jacksonville, Fla., will report to Eastern division director Ira Federer. The firm also announced the appointment of Erik Fruland as chief operating officer of the private-client group. A 20-year veteran at Raymond James, Mr. Fruland was formerly vice president of asset management services at the firm. “Erik has phenomenal relationships with our branch managers and advisers,” Mr. Elwyn said. “I couldn't be more thrilled with our team.” Raymond James has retained all of Morgan Keegan's senior management team, as well as all the firm's branch managers. It offered retention packages to Morgan Keegan advisers with more than $300,000 in production, and more than 95% of those advisers have accepted the offer, according to the firm. The accounts of Morgan Keegan clients will be converted to the Raymond James platform early next year. “Morgan Keegan financial advisers will continue to utilize their existing platform and, for the most part, will still have the same familiar management structure,” Mr. Elwyn said.