(Changes the rapid market share expansion under Spawn to Las Vegas, not Houston)
NEW YORK, Nov 18 (Reuters) - RBC Wealth Management, the U.S. brokerage operation of Royal Bank of Canada, has hired two managers from large competitors to run branch complexes on the East and West coasts of the United States.
Kirstin Turner, who managed about 40 brokers in Morgan Stanley’s downtown Houston office, has moved to Florida to oversee RBC’s six branches in the West Palm Beach area, RBC said. Turner, who has more than 13 years of experience, joined last week as a director to oversee about 100 people, including about 60 advisers in St. Petersburg, Tampa, West Palm Beach, Naples, Fort Lauderdale and Palm Beach Gardens, the bank said.
She replaced complex director Jim Jahnsen, who is now a Fort Lauderdale branch director.
A Morgan Stanley spokeswoman confirmed her departure and said Matt Kabot, the firm’s Houston complex manager, will assume Turner’s duties until she is replaced.
On the West Coast, RBC hired Rob Spawn in mid-October as a senior managing director overseeing about 70 advisers and 125 employees overall in its eight-branch San Francisco complex. Spawn, who also serves as an arbitrator for the Financial Industry Regulatory Authority, has more than 30 years’ experience in the financial services industry. He had worked since 2006 at UBS Wealth Management Americas, where he was most recently associate complex director for UBS’ branches in Arizona and New Mexico.
Spawn previously was UBS’ complex manager in downtown Houston and in Nevada-Utah. He increased the firm’s Las Vegas market share from 7 percent to 25 percent between 2008 and 2011, an RBC spokeswoman said.
A UBS spokesman declined to comment. RBC said Spawn replaced Chuck Evans, who will remain to lead an internal coaching program for advisers at its San Francisco complex.
Turner and Spawn report to Darryl Traweek, director of RBC Wealth’s West/South division. RBC has 200 branch offices in 28 complexes across the United States.
Spawn’s hiring is the latest in a spree of management changes among U.S. firms selling investment advice to the wealthy in the Bay Area.
Morgan Stanley in September poached Wendy Eckert from UBS, where she had been regional manager, to run its large San Francisco office.
Barclays’ U.S. brokerage arm hired David Fleming from rival Deutsche Bank around the same time to help bolster its crumbling management structure. [ID: nNrm3GVNJ2]
Deutsche Bank last month recruited William Welsh to replace Fleming. Welsh had managed Robert Baird’s private wealth management office in San Francisco since July 2010 and was previously a regional sales manager at Wells Fargo’s private bank.
Baird hired advisers Alexander Cushner and Russell Huebschle from Credit Suisse’s private banking operations in San Francisco in October. The pair generated about $1.4 million in revenue in their last year at Credit Suisse. (Reporting by Jed Horowitz; Editing by John Walace)