Veteran broker Glenn Fischer has left Smith Barney, where he spent the bulk of his 28-year career, to launch New York Wealth Management, an independent firm which will be affiliated with Raymond James Financial, according to Reuters.

Joining Mr Fischer in the Garden City, New York, office will be Joseph Scotto, a Wall Street veteran managing over $200 million in client assets, 20-year financial advisor Patrick Adams and Vincent Lopes.

The office will target high net worth individuals and families, the news agency said.

Morgan Stanley, the US investment bank, has formed a new brokerage joint venture business with the Smith Barney arm of Citigroup, now called Morgan Stanley Smith Barney. The wirehouse business has been shaken up by merger and acquisition activity. In January, Bank of America completed its takeover of Merrill Lynch.