Jan 9 RBC Wealth Management, a division of the
Royal Bank of Canada , said on Wednesday it hired
five veteran advisers from top U.S. brokerage Morgan Stanley
The Nebraska-based group of new recruits, which includes
advisers Jason Judge, Matt Rose, Ken Ferrarini, Steve Ferrarini
and Scott Leinen, moved to RBC on Friday.
The advisers managed a combined $758 million in client
assets at Morgan Stanley Wealth Management, the brokerage
majority owned by Morgan Stanley and partially owned by
Morgan Stanley declined to comment on the departures.
Ken Ferrarini, who has worked as an adviser for roughly four
decades, had been with Morgan Stanley and its predecessor firms
since 1974. He started his career at Merrill Lynch.
All five advisers had been legacy Citigroup advisers who
joined Morgan Stanley Wealth Management after Morgan Stanley's
wealth unit and Citi's Smith Barney merged in 2009. They are now
based in RBC's Omaha office, where Dave Myers is complex
The advisers were joined by client associates Laura Kolasky,
Barbara Essi and Kelly Blankenship, also previously with Morgan
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.
Last year, RBC added at least 44 veteran advisers who
managed more than $3.8 billion in client assets at their old
firms, based on moves tracked by Reuters. Reuters tracks the
moves of individual advisers or teams that manage $100 million
or more in client assets, which typically translates to $1
million or more in annual revenue production.