RBC nabs $3.9 million team from Stifel

NEW YORK, March 1 Mon Mar 1, 2010 12:55pm EST

NEW YORK, March 1 (Reuters) - Following its bumper recruiting year in 2009, RBC Wealth Management said on Monday it has hired another high-producing fixed income team, this time from Stifel Financial (SF.N).

Mike Lamb and Cindy Dellinger, who previously generated a combined $3.9 million in fees and commissions, joined RBC Wealth Management's San Francisco office on Feb. 17. The team specializes in institutional sales of fixed income, including corporate bonds and mortgage backed securities, said RBC, a unit of Royal Bank of Canada (RY.TO).

Lamb spent over three years at Stifel, itself a fast-growing St Louis-based brokerage firm that added around 700 advisers last year and now has 1,885 advisers. Prior to Stifel, Lamb was at Cantor Fitzgerald for more than two years. Dellinger spent 18 months at Stifel, and before that more than 13 years at Bear Stearns, according to FINRA filings.

Last year RBC brought over 308 new advisers with a combined $168 million in revenue, and now has over 2,200 advisers. During the past six months, the firm has also hired two high-producing teams focusing on fixed income from Smith Barney, one in New Haven, Connecticut, and one in Bend, Oregon. (Reporting by Helen Kearney; editing by Gunna Dickson)

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