Advisors with $1.6B defect from UBS and Merrill to RBC
RBC furthered its recruiting streak, picking up four wirehouse teams that managed more than $1.6 billion in combined client assets, the firm said.
Two of the three teams came from UBS, which has suffered the departure of several top advisors in recent weeks. The third group left Merrill Lynch.
Like other aggressive recruiters, RBC has transitioned much of its hiring process to a virtual format in light of the coronavirus and shelter-in-place orders. And the firm’s recent successes, including these and other hires, show a revival in recruiting moves following a slowdown in March when the coronavirus outbreak spread in the U.S.
Among the firm’s new additions is veteran advisor Mark Bilski, who left UBS where he and his team previously managed $650 million in client assets, according to RBC. Bilski, who is based in New York, has 35 years of experience in the business, having done stints at UBS and Credit Suisse, according to FINRA BrokerCheck records.
“Culturally, it’s a great fit for me and my practice,” Bilski says, also citing RBC’s entrepreneurial spirit and leadership.
Moving with him are Melanie Clish, senior business associate, Jeff Hyman, senior investment associate, Cathy Hillebrand, senior registered client associate, and Robin Bratone, registered client associate.
In McLean, Virginia, RBC recruited the CFS Group, which oversaw approximately $439 million in client assets, according to their new employer. The team is comprised of advisors Anthony Connor and Bryon Fusini as well as Rich Stein, senior financial associate, Dianne Scott, senior registered client associate, and Grace Benson, senior business associate.
John Galleher, another UBS advisor, joined RBC in the same location. He oversaw approximately $378 million in assets and is joined by senior financial associate Ron Fitzgerald.
Finally, in Farmington, Connecticut, RBC hired Cahill, Gibson Wealth Management Group from Merrill Lynch. They oversaw approximately $220 million in client assets. The team includes advisors Timothy Cahill and Martha Gibson as well as senior registered client associate Tiffany Porter.
Cahill said they made the move in part because of RBC’s technology.
A spokesman for UBS declined to comment. Spokespersons for Merrill Lynch were not available for immediate comment.