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On a recruiting roll, RBC hires $190M Merrill Lynch team

RBC has been hiring throughout the year and shows no sign of slowing down.

The most recent of the regional broker-dealer’s recruits is a three-advisor team from Merrill Lynch that managed around $190 million in client assets.

The new group follows RBC's recruiting of another team from Merrill Lynch that managed $465 million in assets as well as two recent branch openings in St. Louis and Nashville.

Royal Bank of Canada (RBC) headquarters building in Toronto, Canada, on Thursday, April 6, 2017 Bloomberg News
Pedestrians are reflected next to signage displayed inside the Royal Bank of Canada (RBC) headquarters building during the company's annual general meeting in Toronto, Ontario, Canada, on Thursday, April 6, 2017. RBC Chief Executive Officer David urged lawmakers to coordinate interventions and act quickly to cool housing markets, particularly in Toronto and Vancouver. Photographer: Cole Burston/Bloomberg

RBC's newest hires include Michael Gee, Andrea Savva and Raymond Lee. They are joining the firm's Florham Park branch in New Jersey, an office that recently moved to a new location, making it one of the largest offices at the firm, RBC says.

The team decided to move for RBC's smaller size and client-first culture, Gee said in a statement.

Gee has been in the industry for 32 years, according to FINRA BrokerCheck. He has past work experience at Morgan Stanley and Merrill Lynch. Savva has been in the industry for 20 years at various firms including Merrill Lynch. Lee has been in the industry for 12 years, first with Smith Barney and then Merrill Lynch, according to BrokerCheck records.

A spokeswoman from Merrill Lynch declined to comment on the departures.

RBC is made up of about 1,800 advisors, according to the firm. Year-to-date, RBC has hired at least 73 new advisors. The firm has also opened five new branches in North Carolina, California, Florida, Tennessee and Missouri, according to the regional BD.

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