March 22 RBC Wealth Management, a division of
the Royal Bank of Canada , said on Friday it hired
a veteran manager from Morgan Stanley Wealth Management to
expand the firm's presence in southern California.
Michael Melton, who had been with Morgan Stanley and
its predecessor wealth management firms for roughly a decade,
joined RBC's San Diego office last week as a branch director.
In his new role, Melton will help expand RBC's adviser
presence in the region, which already includes offices in
Beverly Hills, Century City, Escondido, La Jolla, Long Beach,
Newport Beach, Pasadena and Manhattan Beach.
Melton, who has worked in the industry for more than 20
years, had also previously worked at UBS AG's
U.S. wealth management division earlier in his career. He later
joined Citigroup and then Morgan Stanley Wealth Management
after Citi's Smith Barney merged with Morgan Stanley's wealth
unit in 2009.
Morgan Stanley declined to comment on Melton's departure.
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.