Jan 9 (Reuters) - 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 Wealth Management.
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 Citigroup Inc.
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 manager.
The advisers were joined by client associates Laura Kolasky, Barbara Essi and Kelly Blankenship, also previously with Morgan Stanley.
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.