ON THE MOVE-RBC hires $3.5 million-revenue-producing Merrill broker

Wed Sep 10, 2014 1:54pm EDT
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NEW YORK, Sept 10 (Reuters) - RBC Wealth Management, the U.S. brokerage arm of the Royal Bank of Canada, said it landed a $3.5 million-revenue-producing financial adviser from Bank of America's Merrill Lynch.

Jesse Bengtson joined RBC's office in the Minneapolis suburb of Stillwater, Minnesota from Merrill Lynch, where Bengston managed $230 million in client assets.

Merrill Lynch did not immediately respond to a request for comment.

Bengston's hire is the first RBC announced since Labor Day when recruiting across the wealth management industry typically heats up.

Last month, RBC brought on two brokers, one in New York and another in Annapolis, Maryland, who managed a combined $350 million in client assets at their previous firms.

Royal Bank of Canada is Canada's largest retail bank and the one most focused on financial services. RBC Wealth Management has about 2,000 advisers managing more than $260 billion in client assets. (Reporting by Elizabeth Dilts; Editing by Bernard Orr)