ON THE MOVE-RBC Wealth Management hires adviser away from Janney

Fri Aug 8, 2014 12:42pm EDT
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NEW YORK Aug 8 (Reuters) - RBC Wealth Management, a division of Royal Bank of Canada , announced Friday it hired a veteran adviser away from the regional wealth management group Janney Montgomery Scott, where he managed $245 million in assets.

Roger Rath joined RBC's office in Annapolis, Maryland, on Wednesday from Janney where he generated $1.1 million in revenue in the last 12 months. The 33-year industry veteran most recently worked as part of a two-person team at Janney, the Towson Partners Wealth Management.

Philadelphia-based Janney is Penn Mutual Life Insurance Company's brokerage unit. It employs about 700 advisers who are primarily based on the U.S. East Coast.

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 $235 billion in client assets.

Janney did not respond to requests for comment. (Reporting by Elizabeth Dilts; Editing by Leslie Adler)