RBC grabs $1B Morgan Stanley team, opens new office
RBC grabbed a top advisory team overseeing $1 billion in ultrahigh-net-worth assets, marking the fourth recruiting move the firm announced in September.
The Gibraltar Group, founded by 36-year veteran Doug Sharon, will open a new office in Miami, according to RBC. Sharon is joined by the group’s co-founder, Carey Bosch, and their client-service team.
Located in Miami’s financial district, the new office will focus on high-net-worth clients, says RBC.
Sharon spent 20 years at Bear Stearns and was executive director of the firm’s Boston office for 10 years, according to RBC. Earlier, he worked with a handful of smaller firms, beginning with Gilford Securities in 1981, per FINRA BrokerCheck records.
Bosch began his career with Bear Stearns before jumping to Morgan Stanley in 2008, per BrokerCheck.
Morgan Stanley declined to comment.
Sharon says his team made the jump to an independent broker dealer for safety and stability.
“[RBC] offers all of the critical ingredients of a top-tier firm — a solid balance sheet, leading capital markets capabilities, and a supportive and responsive management team,” Sharon says in a statement, adding that the security of his clients’ assets will be a “non-issue.”
The move also expands RBC’s reach into the Southeast, says RBC’s U.S. chief Michael Armstrong.
“This new branch reinforces our intention to have a strong presence in South Florida and throughout the Southeast,” Armstrong says.
RBC has been on a recruiting tear in recent months. In September alone, the regional BD has already announced the addition of three teams with a total of more than $900 million in assets under management.
RBC is not alone. Independent broker dealers have dominated the recruiting landscape in recent years, overshadowing their wirehouse rivals. Industrywide, the big four firms have picked up $14 billion in client assets this year, while regional and boutique firms netted over $27 billion, according to hiring announcements.