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
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
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.