Raymond James Hires UBS’s Kim Jenson for Senior Branch System Role
(Updates in last paragraph with reference to company’s quarterly earnings report released after the markets closed on Wednesday.)
Raymond James Financial has tapped Kim R. Jenson, a longtime manager for UBS in the Midwest, as chief operating officer of its private client group, according to several managers in Raymond James & Associates’ branch system.
Jenson had served in a range of management roles at UBS, including as chief of staff to former UBS Wealth Management Americas head Marten Hoekstra, since joining the firm in mid-2006 from Piper Jaffray & Co. She had served most recently as managing director in charge of UBS’s Chicago market since January 2013, following three years in a similar role at a suburban Windy City complex in Northbrook, IL.
“Kim is a real talent,” Hoekstra said in a phone call. “She was certainly one of the most important leaders at Piper Jaffray when UBS purchased their branch network [in 2006].”
Jenson could not be reached for comment, and a Raymond James spokeswoman did not respond to calls for confirmation.
In her new position, Jenson will help Raymond James & Associates President Tash Elwyn manage roughly 3,000 advisors along with branch managers and support personnel at the firm’s traditional employee brokerage channel, said sources who were sent a memo on her planned arrival.
Jenson replaces Tom Walrond, who shifted in February from COO to become head of the branch system’s eastern division. She will relocate from Chicago to Raymond James’ headquarters in St. Petersburg, Fla., the sources said.
She is leaving UBS Financial Services amid a major strategic shift in the role of managers orchestrated by UBS Americas head Tom Naratil.
Rather than incentivizing branch and complex managers with traditional bonuses for recruiting million-dollar brokers, a practice that Naratil called a costly and unsustainable growth strategy, he designed a new set of profitability metrics for his “field” bosses. He also eliminated all regional sales managers and dozens of complex managers in an effort he said was aimed at returning decision-making power to individual branches.
A UBS spokeswoman did not return calls for comment on Jenson’s departure and whether a replacement has been chosen.
Jenson, who has characterized “determination” as her , first registered as a broker in 1997 at Piper, according to her Financial Industry Regulatory Authority BrokerCheck report, after working in nonregistered roles at the firm since 1991. She began her career in financial services 1978 as an assistant to the president of a small Minnesota bank, according to her LinkedIn profile.
Raymond James on Wednesday afternoon reported a ending March 31 due to a $150 million legal settlement related to a private client group customer’s fraud and to acquisition costs. Revenue at its retail brokerage businesses, however, jumped 23% from the previous year’s quarter to a record $1.09 billion.
-Jed Horowitz contributed to this story.