RBC grabs $262M team from UBS
RBC recruited a UBS team that generated more than $1.7 million in annual revenue, according to the firm.
The group ― the latest wirehouse team to move to RBC ― consists of three advisers, all veterans with more than 20 years of experience each.
Paul DeBey, Chris Cassaday and Jeff Bahnson as well as client associate April Emeola joined RBC's office this week in Leawood, Kansas. They report to Mark Borcherding, director of the Leawood branch.
The team oversaw $262 million in client assets.
They had been with UBS since 2005, according to FINRA BrokerCheck records. They previously worked at Piper Jaffray.
DeBey began his career at E.F. Hutton in 1984, per BrokerCheck. Cassaday got his start at Norwest Investment Services in 1994 while Bahnson joined the business with Smith Barney in 1981.
A UBS spokeswoman declined to comment.
The firm has recently pulled back from recruiting to focus more on retention of its current brokerage force. Last week, UBS reported its headcount fell to 6,969 advisers for the first quarter from 7,025 for the prior period. However, that figure still falls within management's target range of 6,500 to 7,000 advisers. The wirehouse's pretax profits were up too, rising 42% to $302 million.
RBC has been on a steady recruiting push. Last month, the Canadian-owned firm recruited an all-woman team from UBS that oversaw more than $375 million in client assets. Advisers Tracey Schusterman and Rosa Mazzone as well as Dina LiRosi, investment associate, and Rosa Diaz, client associate, now operate from RBC's Midtown New York office.
RBC's U.S. wealth management business has $289 billion in total client assets and approximately 1,800 financial advisers, according to the company.