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RBC lands ex-Morgan Stanley team with $675M in client assets

Pedestrians carry umbrellas while walking past Royal Bank of Canada (RBC) signage displayed at the Royal Bank Building during the company's annual general meeting in Toronto, Ontario, Canada, on April 6, 2017. RBC Chief Executive Officer David urged lawmakers to coordinate interventions and act quickly to cool housing markets, particularly in Toronto and Vancouver. Photographer: Cole Burston/Bloomberg
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RBC furthered its hiring surge, bringing on a team of four ex-Morgan Stanley advisors that managed $675 million in client assets, according to the regional BD.

The firm’s newest additions are based in Beverly Hills, California and come on the heels of RBC signing an advisor in late July who managed $750 million in client assets.

The former Morgan Stanley team serves high-net-worth families, including professional athletes, entertainers, technology entrepreneurs and business owners. The team is composed of advisors Mike Ladge, Shon Saleh, Joseph Sulentor and Brandon Allen.

Ladge said that team had thought of moving for many years, and even seriously considered going fully independent or joining an existing RIA. But they knew other Southern California advisors who had successfully joined RBC, sparking their interest in the firm. “We felt an immediate match when the conversations began,” Ladge said via email.

Another reason for the move was RBC’s ownership of City National Bank, which has a history of catering to Hollywood elite.

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“This was a natural fit for our practice,” Ladge said in a statement. “Many of our clients already bank at City National, and we will bring even greater synergy to those experiences.”

When the transition is over, Ladge said he is looking forward to focusing on clients, specifically younger clients just starting to accumulate wealth.

Ladge has 23 years of industry experience, according to FINRA BrokerCheck records. Shon Saleh has 40 years while Joseph Sulentor has 18, and Brandon Allen has 12. All four spent the last 11 years at Morgan Stanley.

RBC has $379 billion in total client assets with more than 2,000 financial advisors.

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