RBC Wealth Hires $650 Million-Asset Morgan Stanley Team in NYC
RBC Wealth Management-U.S. has landed a trio of New York City advisors who began their careers more than 30 years ago at Bear Stearns and had been managing $650 million of assets for wealthy clients at Morgan Stanley, according to RBC.
The Sheresky brothers, whose stepfather was Revlon Inc. founder Charles Revson, according to a New York Times report, began their brokerage careers with Bear Stearns in 1985. Samsen joined the firm one year later, and the trio remained with Bear through its financial-crisis takeover by J.P. Morgan Chase & Co.
When they moved to Morgan Stanley in February 2013, they were managing about $290 million for their wealthy clients, the wirehouse said at the time. They reported to Ben Firestein, a longtime Morgan Stanley branch manager who earlier this year was promoted to a new position as head of national recruiting at the firm.
Steve Sheresky, the elder brother, declined to comment on the team’s motivations or the challenges of switching during the coronavirus crisis that has temporarily shuttered their new and former offices in midtown Manhattan. The advisers, including Kenneth, who became a broker on their Morgan Stanley team three years ago, have no disclosures on their BrokerCheck records.
“We are fortunate that RBC’s digital tools and our strong culture have enabled us to continue attracting the industry’s top talent during this time, despite limited in-person interactions,” John Moran, director of RBC’s midtown Manhattan complex, said in a prepared statement.
RBC, which has about 2,000 brokers, last week recruited a five-broker team from UBS Wealth Management USA in Fort Collins, Col., that was managing about $600 million of client assets. In April it hired a five-broker team from Wells Fargo Advisors in Wisconsin that oversaw about $680 million of assets, according to Minneapolis-based RBC.
Wells, for its part, last week recruited a solo practitioner in Paramus, N.J., who it said was managing more than $165 million of client assets at RBC Wealth Management.