RBC Wealth Lures $370 Million-Asset Wells Broker In Texas
Continuing to flex its recruiting muscle, RBC Wealth Management-U.S. hired a Wells Fargo broker managing $370 million in client assets in Texas on Tuesday.
James “Ernie” Koestner, a 33-year industry veteran, moved from his Wells Fargo office in Dallas at 100 Crescent Court Suite 1400 to Suite 1500 at the same location, where RBC operates its “Dallas Executive” branch, RBC said in a news release.
In a prepared statement, Koestner said he chose RBC because of its reputation, resources and fixed income capabilities. Reached by phone, he declined to elaborate or comment on why he left Wells.
RBC Wealth-U.S., an outgrowth of Minneapolis-based regional Dain Rauscher that employs about 2000 brokers, has been tapping wirehouse brokers in recent weeks.
Last week it added Christopher R. Reilly, a Merrill Lynch broker in Jericho, NY, who generated about $920,000 in trailing-12 production. In June, it recruited a Morgan Stanley team that was managing $500 million in client assets in St. Louis.
A UBS veteran in New York City producing more than $7 million also joined RBC last month. In May, RBC lured a Morgan Stanley team in Manhattan that was managing about $650 million of client assets.