Raymond James has recruited a California financial advisor team from Comerica, where they oversaw $5.4 billion in client assets. The team affiliated with Raymond James on July 6, according to registration records. Raymond James announced the move on Thursday.

The Capital Reserve Group, based in Newport Beach, Calif., joined Raymond James & Associates, the brokerage's employee channel. A Comerica spokeswoman didn't immediately respond to a request for comment on the departure.

The team includes advisors Cory Matsumoto, Rey Carandang, and Genae Affrunti, as well as support staffers Julia Bica and Brian Toyama.

Matsumoto says that the team opted to join Raymond James "after an extensive evaluation of the marketplace," noting the firm's fixed-income platform among other considerations.

"The firm's culture, depth of home-office support, and continued investment in technology provide our team with the resources and scale to remain focused on what matters most: delivering exceptional service, thoughtful guidance, and customized investment solutions for those we serve," he says.

The practice provides investment management, financial planning, and consulting services to a mix of retail and institutional clients, including business owners, executives, family offices, and endowments and foundations.

Matsumoto began his career in financial services in 2001 and has been with Comerica for 20 years, according to Raymond James. He first registered as a broker and investment advisor with Comerica in 2012. In 2023, his registration moved to Ameriprise, which began supporting the bank's wealth management business that year. Last year Comerica announced that it was selling itself to Fifth Third Bancorp in a deal that closed earlier this year. In the wake of that transaction, Ameriprise has said it expects to lose $19 billion in assets from the departure of Comerica when their contract ends in September. Ameriprise says that the $28 billion in assets it expects to absorb in the fourth quarter from a similar agreement with Huntington Bank will more than offset the Comerica losses.

Carandang has worked in financial services for 25 years, Raymond James says. He first registered as a broker in 2004 with Intersecurities and had a four-year stint at ING before joining Comerica, according to registration records.

Affrunti broke into the industry in 2001 and first registered as a broker with Stifel, Nicolaus in 2011.

"Cory, Rey, and Genae bring a sophisticated practice to Raymond James, and they make an impactful addition to our western presence," says John Simmons, West Coast regional director at Raymond James & Associates.

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