Flexing New England Muscle, RBC Nabs $600 Mln-Asset Morgan Stanley Team
(Updates with additional details.)
A pair of Morgan Stanley brokers in Boston who managed $600 million in assets in the past 12 months moved with two associates to RBC Wealth Management on Tuesday, an RBC spokeswoman confirmed.
RBC, which has upped its recruiting offers as it expands from its base in Minneapolis, lured Paul L. Roche III, Christopher R. Bayles from Morgan Stanley’s 125 High Street office. Associates Jennifer Reardon, a CFP, and Yuri Dagan joined them in the move. The team produced around $3.7 million according to a source familiar with their practice.
The team, which branded itself “The InSight Group” at Morgan Stanley, joined a six-office RBC Boston complex run by Brian Katz. He migrated to the firm in October after two years at Ameriprise Financial and twelve years as a manager at Morgan Stanley and predecessor firms.
Roche, who holds a certified financial planning board certificate, joined Morgan Stanley in 2008 after almost 13 years with Merrill Lynch, while Bayles followed his partner to Morgan Stanley in 2010 after 11 years with Merrill, according to their BrokerCheck histories.
The brokers, who have no disclosures on their records, did not return calls for comment. Katz declined to comment on his recruiting posture or terms of deals being offered to strong producers.
A person answering their phones at their former Morgan Stanley High Street office confirmed their departure and said that their clients’ accounts were being assigned to other advisors.
In May, RBC reeled in a six-person, $5.5 million Morgan Stanley team based in Boston and Los Angeles. A Morgan Stanley spokeswoman said she could not immediately comment.
Separately, RBC said broker Allen Smith joined from Hilltop Securities in Plano, Texas. He had previously managed $180 million in client assets.