RBC recruits $308M adviser from Morgan Stanley
RBC lured away an adviser managing $308 million in client assets from Morgan Stanley, the firm said.
Kevin Roberts joined RBC's branch in Houston this week, making him one of regional brokerage firm's latest hires. In recent weeks, the Canadian firm has picked up several advisers from larger wirehouse rivals as those firms retreat from recruiting.
Morgan Stanley told branch managers this week it would significantly reduce recruiting in order to boost digital initiatives, training efforts and resources for its existing advisers.
While at Morgan Stanley, Roberts generated $1.4 million in annual revenue, RBC says.
Roberts said in a statement he joined the Canadian firm for its culture and platform. He reports to Jeb Bundock, director of RBC's West Houston complex.
Roberts had been with the wirehouse since 2008, according to FINRA BrokerCheck records. He previously worked at Merrill Lynch.
A Morgan Stanley spokeswoman declined to comment.
Among its other recent hires, RBC grabbed another Morgan Stanley team that generated $5.5 million in annual revenue. The group joined in both Boston and Century City, California.