March 28 (Reuters) - RBC Wealth Management, a division of the Royal Bank of Canada , said on Thursday it hired five veteran advisers from Morgan Stanley Wealth Management, expanding its footprint in Pennsylvania.
The advisers, who joined RBC in January and February, managed $380 million in client assets at Morgan Stanley. They generated a combined $2.8 million in annual revenue last year.
Among the new recruits are Russell Sherred and Ken Kuska, both formerly senior vice presidents at Morgan Stanley Wealth Management. Each had been with the firm and its predecessor wealth units for more than two decades.
Morgan Stanley Wealth Management, the largest U.S. brokerage by adviser headcount and client assets under management, was formed out of the merger of Citigroup’s Smith Barney and Morgan Stanley’s wealth unit in 2009. Morgan Stanley has a majority stake in the firm.
Advisers Pamela Pasterick, Kathleen Corrales and Matthew Lawrence also moved to RBC this year from Morgan Stanley. The five advisers joined RBC’s Pittsburgh office, where Ken Ross is complex manager.
Morgan Stanley declined to comment on the departures.
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 for growth. RBC Wealth Management has about 2,000 advisers managing more than $235 billion in client assets.
RBC also said in January it hired five Morgan Stanley advisers in Nebraska. The group, which joined RBC’s Omaha office, together managed $758 million in client assets at Morgan Stanley.