UPDATE 1-ON THE MOVE-Raymond James unit hires two advisers from RBC

Mon Feb 9, 2015 12:42pm EST
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(Adds RBC's confirmation)

Feb 9 (Reuters) - Raymond James & Associates, a unit of Raymond James Financial Inc, said it had hired two advisers from Royal Bank of Canada's wealth management division.

Paul Berman and Joshua Rosenzweig managed about $200 million in client assets at RBC and had about $2.6 million in annual fees and commissions, Raymond James said.

The team, which will operate as 24/7 Investment Group of Raymond James, will be based in Los Angeles.

Berman began his career at Merrill Lynch, Pierce, Fenner & Smith and later worked at Drexel Burnham Lambert, Bear Stearns & Co, Prudential and Wachovia.

Rosenzweig worked at Ameriprise Financial Services before joining Berman at RBC.

RBC confirmed the departure of Berman and Rosenzweig.

(Reporting by Neha Dimri in Bengaluru)