RBC Wealth Management poached three new advisory teams, last week, in moves representing nearly $1 billion in new assets under management, says the firm.
The biggest of the teams, measured by AUM, is the Boston-based Insight Private Wealth. Managing director Paul Roche III, managing director Christopher Bayles, senior business associate Jennifer Reardon and associate Yuri Dagan manage more than $500 million in AUM, according to RBC.
“The financial strength and stability, combined with premier capital markets and investment banking capabilities, were key factors in our decision,” Roche says in a statement.
The wirehouse team was formerly with Morgan Stanley.
CALIFORNIA CREW COMES ABOARD
The PNF Group, based in Beverly Hills, joins RBC with $269 million in AUM and approximately $2.2 million in production, according to the firm. Senior vice president Amir Navab, first vice presidents Bradley Finnigan and Shamya Ullah, and client associate Amanda Sabo have almost 50 years of combined industry experience.
“As a team focused on being responsible stewards of our clients’ assets, we want to be at a firm that shares similar principles,” says the PNF Group in a statement. Like Insight Private Wealth, the team comes to RBC from Morgan Stanley.
Raymond James grabbed five multi-million teams in a month. Other firms to see big transitions include Wells Fargo and Ameriprise.
“The PNF Group is made up of very talented individuals who pride themselves on providing personalized service to meet their clients’ unique needs,” says RBC southern California complex director Mike Melton in a release.
Morgan Stanley confirmed the moves, but declined to comment.
TWENTY-YEAR VETERAN
Advisor Allen Smith, who manages $180 million in AUM at Hilltop Securities in Plano, Texas, is the third new addition to RBC.
The 20-year industry veteran began his career with UBS and joined Hilltop Securities in 2003, per BrokerCheck records.
