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RBC grabs $145M Merrill duo

Two advisers who oversaw more than $145 million in client assets have left Merrill Lynch to join RBC, according to a company spokesman.

Steven Culbert and Mark Smith now operate from RBC's Minneapolis office. They report to Tom Schulenberg, the director of the Minneapolis complex.

They previously generated over $1 million in annual revenue, according to RBC.

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The Royal Bank of Canada headquarters in Toronto, Ontario, Canada are seen on June 11, 2003. Photographer: Norm Betts/Bloomberg News.

Culbert and Smith had been with Merrill since 2008, according to FINRA BrokerCheck records. Previously, they worked at Smith Barney.

Nathan Conery, investment associate, also moved with the advisers.

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A spokeswoman for Merrill Lynch was unavailable for immediate comment.

They are the latest hires at RBC, which has had some success in recruiting managers and advisers from the wirehouses.

Last month, RBC announced it hired a Wells Fargo branch manager. Bob Gipp now oversees five advisers and two support staff in the regional firm's branch in Raleigh, North Carolina.

“The firm is definitely in growth mode,” Gipp told On Wall Street. “The opportunity to build a brand here in this marketplace is very appealing.”

Companywide, RBC has over 1,800 advisers operating in 40 states. The firm has $279 billion in total client assets.

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