(Reuters) - RBC Wealth Management, a division of the Royal Bank of Canada , said on Tuesday it hired four veteran Morgan Stanley Smith Barney brokers in Texas, including a top Morgan Stanley bond salesman.
Advisers Gene Theobald, Otho Evans and Teresa Castillo joined RBC as a team from Morgan Stanley Smith Barney, where they managed $330 million in client assets and generated $2.6 million in revenue last year.
Theobald, a roughly three-decade industry veteran, was Morgan Stanley's number two bond salesman in 2011, with $5 billion in sales. Theobald said his decision to move to RBC was primarily because he wanted to focus on smaller bond deals.
"I do small issues, while Morgan Stanley focuses on the bigger deals," Theobald said on Tuesday.
Evans, also a three-decade industry veteran, had been partners with Theobald at Morgan Stanley. Castillo joined the two at RBC, where they focus on tax-free municipal bonds. The advisers report to RBC branch director Jeff Heberling.
Theobald said his team has already moved 93 percent of his book of business to his new firm.
Also on the move, adviser Tim Hudnall joined RBC's Houston office as an individual adviser from Morgan Stanley Smith Barney, where he managed $90 million in client assets and produced $525,000 in revenue last year.
Hudnall, a 20-year industry veteran, focuses on fee-based asset management. He also now reports to Heberling in Houston.
RBC Wealth Management has more than $227 billion in client assets managed by nearly 2,000 advisers across the United States.
Since the start of the year, the firm has added at least 13 experienced advisers from Morgan Stanley Smith Barney, including five advisers in Pennsylvania last Thursday.
The 13 advisers managed about $1.4 billion in client assets at their old firm, based on moves tracked by Reuters.
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