RBC Wealth Management has snagged a 15-member team managing more than $2 billion from UBS Group.
RBC Wealth Management, a subsidiary of Royal Bank of Canada, announced Thursday that it had recruited The 770 Group, an Atlanta-based team that had formerly managed $2.8 billion for UBS. The team is led by managing directors William Pahl Jr., James Casey Jones, Scott Serafin, Jefferson Pace II and senior vice president Christine Lizaso.
The group's name refers to the area code encompassing Atlanta's wealthy northern suburbs.
"RBC Wealth Management is the ideal fit for our clients and for our multigenerational team, ensuring we can continue to serve our clients' needs for generations to come," Pahl said in a statement.
A UBS spokesperson declined to comment on the move.
READ MORE:
The 770 Group is the second Atlanta-area advisory with multiple billions of assets under management that RBC Wealth has snagged from UBS in as many years.
That team,
Also in August last year,
Ron Edde, an industry recruiter and the president and the CEO of
Edde said he thinks the firm's appeal lies partly in its strong international presence — an important consideration for advisors with clients overseas. He also said RBC has an exceedingly clean reputation.
"The people who go there, they are generally looking for no reputational risks," Edde said. "RBC keeps its nose pretty clean. They are generally pretty well regarded."
"The addition of yet another prestigious and innovative team at RBC Wealth Management demonstrates we continue to be the firm-of-choice for leading advisors in the industry," Tom Sagissor, the president of
Pahl, Jones, Serafin, Pace and Lizaso were all at Citigroup before joining UBS in 2009. Their years of industry experience range from 18, for Serafin, to 36, for Pahl.
Joining them at RBC are John Ramsey, Rob Joyner and William Pahl (the son of William Pahl Jr.), all senior financial associates; Claire DuBow, a senior business associate; Lauren Riepenhoff, Shelley Davidson and Brantley Geraghty, all senior investment associates; Aranza Barajas, an investment associate; and Dorie Downs and Parker Langham, both client associates.