July 3 RBC Wealth Management, a division of the Royal Bank of Canada , said on Wednesday it has hired a team of veteran advisers from Morgan Stanley Wealth Management, expanding its footprint in New Jersey.
Advisers Allen Levy and Steven Tebeleff joined RBC as first vice presidents from Morgan Stanley, where they had managed $204 million in client assets. They were based in Morgan Stanley's Florham Park office.
Before joining RBC, both Levy and Tebeleff had spent their entire financial services careers with Morgan Stanley Wealth Management and its predecessor firms. Morgan Stanley Wealth Management, the largest U.S. brokerage, was formed out of the merger of Morgan Stanley's wealth business and Citigroup's Smith Barney.
Morgan Stanley confirmed the departures but did not comment further.
Levy and Tebeleff joined RBC's Parsippany office, where Eric Siber is complex director. The advisers focus on working with businesses, high-net-worth individuals, family foundations and community associations.
Toronto-based RBC, Canada's largest retail bank and the one most focused on wealth management, has set its sights on global wealth management as a key driver for growth. RBC Wealth Management has about 2,000 advisers managing more than $235 billion in client assets.