RBC Hires $500 Million-Asset Morgan Stanley Duo in St. Louis
Continuing to feed its recruiting hunger, RBC Wealth Management has hired a Morgan Stanley team in St. Louis.
Funke, a 24-year industry veteran, declined to comment on his motivations for the switch but said in the news release that he and Sadlo were swayed by “the responsiveness of top leadership.”
RBC Wealth Management-U.S. employs about 2,000 brokers. Morgan Stanley, which last month said it will expand its wealth business into Canada, has more than 15,000 brokers.
Funke and Sadlo have worked together since joining A.G. Edwards in 1996. They left for Citigroup Smith Barney in 2005 and remained through its 2009 purchase by Morgan Stanley, according to their BrokerCheck histories.
Their arrival could nearly double the assets under management RBC has in St. Louis, the Royal Bank of Canada unit said in the release. The firm opened the branch, managed by Brian Bell, in 2018 and has subsequently recruited nine advisors for the office.
Minneapolis-based RBC Wealth Management-U.S., which gained its retail brokerage footing with the Canadian bank’s 2000 purchase of Dain Rauscher, has been an aggressive recruiter amid the coronavirus pandemic.
It hired teams last week from Wells Fargo and Janney Montgomery Scott that were managing $260 million and $270 million, respectively. Two weeks ago a UBS veteran producing more than $7 million joined RBC Wealth in New York City on the heels of a Morgan Stanley team in Manhattan that was managing about $650 million.