The team is latterly of Merrill Lynch, where they managed around $210 million in client assets and had annual fees and commissions in excess of $1.1 million.

Managing partner Nick Salvetti has more than 15 years’ experience in the financial services industry and started his career at Morgan Stanley in Sacramento in 1998. He later moved to Merrill Lynch in Stockton, where he was a vice president of investments and portfolio manager.

Managing partner A J Salvetti also has around 15 years of experience and was previously a vice president of investments and portfolio manager at Merrill Lynch. Before that, he was a financial advisor and vice president at Morgan Stanley.

Joining the team from Merrill Lynch is Patti Pedrucci, a senior client services associate, who has more than 20 years’ experience in the industry. Before joining the Salvetti team, Pedrucci worked at A G Edwards.

Meanwhile, Raymond James Investment Banking announced that Peter Fish has been appointed to managing director of the Real Estate Investment Banking Group, which is expanding its presence in private placements across all product types.  

Fish will focus on raising real estate private equity for public and private real estate companies for many deal types and structures that range from $50 million to $1 billion per transaction.  

“I’m ready to get to work and leverage the capabilities of this highly regarded real estate practice to help clients achieve their objectives,” Fish said in a statement. “This is an exciting time to be working in the real estate sector, and a big opportunity for me personally.”

Fish brings almost 20 years of experience in real estate finance. Previously, he was the director of real estate with private placement agent Fortress Group.