RBC Picks Up UBS Vet in Chicago
RBC Wealth Management continues to pick off veteran brokers from the wirehouses, this time with a hire of a UBS Financial Services broker in Chicago.
Todd Mitchell, a 31-year industry veteran, joined RBC’s Chicago complex last week after 11 years at UBS, according to a press release from RBC.
The hire is the first recruit for Justin Ferdula, who left his post as head of Morgan Stanley’s Rockefeller Center branch in New York City in May to manage the six offices in RBC’s Chicago complex, according to an RBC spokeswoman.
At UBS, Mitchell had $220 million in client assets “under advisement,” according to the release, which according to the spokeswoman includes assets held outside the bank in addition to traditional assets under management.
Neither Ferdula nor Mitchell returned calls for comment.
Mitchell started in the industry in 1985 at PruCo Securities, according to BrokerCheck. He also spent time at Deutsche Bank Alex.Brown before joining UBS in 2006.
RBC has published eight teams or individual broker hires from the wirehouses with an average of $202 million in assets under management so far in August, according to a review of announcements from the firm. Recruiters say that the firm has been aggressive in extending deals to wirehouse vets as three of the big four firms have stepped back. RBC had 1,816 brokers at the end of the most recent quarter, up a net 28 advisors from the previous quarter.
“We have had a focus on recruiting this year, along with our increased investment in technology and talent,” spokeswoman Jonell Lundquist said in an email. “Just last week, we brought in 11 advisors with $1.5 billion in [assets under advisement].”
Ferdula’s move to RBC to oversee the six Chicago offices and 60 advisors initially attracted attention because it came during a series of management departures in the New York area. Ferdula had spent all of his 15-year career with Morgan Stanley and predecessor firm Smith Barney manager.