An advisor generating about $1 million in annual revenue left UBS for RBC, the firm said.
Advisor Ed Murphy joined RBC in Portland, Ore., where he reports to Richard Sorenson, director of the firm's Portland complex.
Murphy oversees $150 million in client assets, RBC said.
He started his financial services career in 1985, according to FINRA BrokerCheck records. He had been with UBS since 1995.
RBC recently closed on a deal to acquire City National Bank, a Los Angeles bank known for serving Hollywood elites. That deal brought the combined firm's advisor headcount to 2,100. Combined assets stand at $336 billion in wealth and asset management.
John Taft, head of RBC Wealth Management-U.S., says that the firm will begin pilot programs to test new banking and lending capabilities before rolling out services to the entire advisor force.
"We'll see what works and then move into other markets, like Los Angeles and New York. Eventually, we'll move out of their markets into other markets where RBC has a presence. It's about offering banking capabilities of CN through RBC financial advisors," Taft says. "The two businesses will currently collaborate more than they will integrate."
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