ON THE MOVE-RBC Wealth hires adviser team from Morgan Stanley

Wed Dec 11, 2013 4:53pm EST
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NEW YORK Dec 11 (Reuters) - RBC Wealth Management, the U.S. brokerage operation of Royal Bank of Canada, said Wednesday that it hired an adviser team from Morgan Stanley .

David Weigel and Steven Dimino joined RBC Wealth Management's New York office on Dec. 6. The team had more than $170 million in client assets and about $1.2 million in annual revenue production while at Morgan Stanley.

Weigel told Reuters that all of his former clients have agreed to move to RBC with him and Dimino. The team is known as the Weigel Dimino Group.

A Morgan Stanley spokeswoman confirmed the departures but declined further comment.

Toronto-based RBC, Canada's largest retail bank and the one most focused on wealth management, has set its sights on global wealth management as a key driver for growth. RBC Wealth Management has nearly 2,000 advisers managing more than $260 billion in client assets.