RBC Hires UBS Brokers in Colorado Managing About $325 Million
RBC Wealth Management-U.S. continues to fill out its ranks, announcing the arrival of a team in Colorado that it said was managing $325 million of customer assets at UBS Wealth Management USA.The Colorado Springs team of Lawrence Scott Pann and Donnie DeYoung, who have been brokers for 33 and 31 years respectively, joined RBC after a decade at UBS on August 22. Client associate Elaine Phelan joined with them, according to their team page.
They declined to comment but RBC said they were seeking “sophisticated planning tools” and “a broad investment platform” for their clients, who are primarily corporate executives, retirees and entrepreneurs.
A UBS spokesman did not immediately return a request for comment.
For RBC, the hires continue a relatively busy recruiting summer, compared with a steady number of departures at larger competitors. The mother-son Merrill Lynch team of Mary Elizabeth and Jacob Dale, who had been managing $453 million of customer assets in Atlanta, joined RBC in that city over Labor Day weekend.
Earlier in August, Richard Cacciapaglia, who had spent his 21-year career with UBS in Connecticut, left for an RBC branch in Westport. He was managing $264 million in client assets at UBS, the Royal Bank of Canada affiliate said. RBC said at the time that Cacciapaglia was attracted to the “client-centric culture of a smaller firm.”
Another Merrill team in Atlanta with $210 million of customer assets that was led by Chris Sanders and Daniel Crews left for RBC in that city in June.
Pann started his career at Denver-based Boettcher & Co. in 1986, and joined Smith Barney for a nine-year stint before arriving at UBS when his former firm was merged into Morgan Stanley.
DeYoung started at Merrill Lynch in 1987, moved to UBS PaineWebber in 1994 and joined Smith Barney in 2001 before returning to UBS in 2009.