ON THE MOVE-RBC Wealth lands veteran branch manager from UBS

Fri Apr 12, 2013 4:03pm EDT
 
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April 12 (Reuters) - RBC Wealth Management, a division of Royal Bank of Canada , said on Friday it has hired a veteran manager from Swiss bank UBS AG's U.S. brokerage division to oversee its Denver Tech office as branch director.

Robert Magel, who has worked in the advising industry for three decades, joined RBC in March from UBS Wealth Management Americas, the fourth-largest U.S. brokerage. Magel was a branch and complex manager at UBS, based in Stockton, California.

UBS declined to comment on Magel's departure.

Magel was also a financial adviser at Dean Witter earlier in his career, and later at Morgan Stanley, where he was a branch manager and regional manager.

In his new role, Magel will oversee advisers in RBC's Denver office, one of the five branches the firm has in Colorado. The others are in Boulder, Colorado Springs, Fort Collins and Pueblo.

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 of growth. RBC Wealth Management has about 2,000 advisers managing more than $235 billion in client assets.

RBC also said in late March it hired five advisers from Morgan Stanley Wealth Management to join its Pittsburgh office.