ON THE MOVE-RBC hires two brokers from Morgan Stanley in Pittsburgh

Thu Oct 9, 2014 5:45pm EDT
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By Elizabeth Dilts

NEW YORK Oct 9 (Reuters) - RBC Wealth Management said on Thursday it has hired two Morgan Stanley financial advisers at a suburban Pittsburgh brokerage office of the Royal Bank of Canada unit.

Deborah Sullivan and Christine Saitta joined RBC's office in Sewickley, Pennsylvania, on Thursday from Morgan Stanley where the pair jointly managed $213 million in client assets and produced $1.7 million in revenue over the last 12 months, RBC said in a statement.

A Morgan Stanley spokeswoman confirmed that Sullivan and Saitta had left the firm, but declined to comment further.

RBC has hired 80 new financial advisers who managed more than $6 billion in assets at their previous firms so far this fiscal year, RBC said in a statement.

Reuters records show RBC publicly announced it hired at least seven advisers in the last two months who collectively managed more than $1.2 billion in client assets at their previous firms.

As RBC's fiscal 2014 ends on Oct. 31, the firm appears to be near or slightly below historical recruiting figures. RBC hired 93 advisers in fiscal 2013 and 85 in fiscal 2012.

Royal Bank of Canada is the country's largest retail bank and the one most focused on financial services. RBC Wealth Management has about 2,000 advisers managing more than $275 billion of assets. (Reporting by Elizabeth Dilts; Editing by Richard Chang)