RBC Hires UBS Duo Who Oversaw $385 Million
Two veteran brokers in Colorado who had been managing $385 milion of customer assets at UBS Wealth Management USA joined RBC Wealth Management-U.S. two weeks ago, the Royal Bank of Canada wealth unit said on Friday.Kelly McGrew and Richard E. Dodge joined UBS ten-and-a-half years ago in Colorado Springs from Smith Barney, according to their BrokerCheck records. McGrew was overseeing $209 million for UBS clients and Dodge $176 million, according to an RBC press release. The brokers operate independently of each other, an RBC spokeswoman said.
Led by former Morgan Stanley executive Michael Armstrong, RBC has been building its ranks with wirehouse hires.
In early September, it recruited a $350-million-asset team in Greenwood Village, Col., from Merrill Lynch, and in August lured three other Merrill teams—a Wisconsin group managing about $540 million, a quartet of advisors in Mill Valley, Calif., who were also overseeing $540 million and a mother-son unit in Atlanta with about $453 million of client assets.
McGrew, who began his brokerage career almost 37 years ago at Smith Barney, said in a prepared statement that he joined RBC because of its “client-first, advisor-friendly culture.” Reached Friday at his RBC office, he declined to comment further on his reason for leaving UBS and choosing the Royal Bank of Canada unit.
Dodge did not reply to a request for comment.
RBC, which last month named a new recruiting head to replace a manager who joined Rockefeller Capital Management, employs around 1,900 brokers. UBS has more than 6,000 brokers in the U.S.