People Moves
RBC Wealth Management Raids UBS For US Team
RBC Wealth Management, part of Royal Bank of Canada, has recruited financial consultant Joseph Di Vito and two of his colleagues from UBS.
Mr DiVito, along with his brother David Di Vito, a financial consultant trainee, and Michelle Cunningham, a senior registered client associate, have joined RBC’s Pheonix, Arizona office. They now report to Tim Rannow, complex director.
"Joe brings great experience and we’re excited to have David grow here at RBC Wealth Management," said Mr Rannow.
While at UBS, the team – known as the Di Vito Consulting Group – had $1.1 million in trailing 12-month production and managed $105 million in client assets, according to media reports. Joseph Di Vito is understood to have worked for UBS for more than 10 years, while Ms Cunningham had been with the Swiss bank for three years.
RBC was seen to be aggressively recruiting across several divisions in 2008, with a number of hires coming from UBS’s US operations; these raids have continued into 2009.
In January, RBC Wealth Management bolstered its US operations with the addition of two high-asset teams to its offices in Minneapolis, Minnesota and Reno, Nevada.
In Minneapolis, RBC hired a team led by Gary Petrucci from Piper Jaffray, which was taken over by UBS Wealth Management USA in 2006. In addition to Mr Petrucci, senior vice president – financial consultant, the team comprised Lory Dubbels, senior investment associate, and Deb Stueven, investment associate, and had assets under management of $300 million.
At around the same time former UBS financial consultants Bill Hedges and Lance Newlin, along with investment associate Shelley Johnson joined RBC Wealth Management in Reno. The team had assets under management of $200 million.
RBC Wealth Management has approximately $180.8 billion in global assets under management and $410.9 billion in global assets under administration. Internationally, RBC Wealth Management operates across 35 offices in the UK and Ireland, Europe, Asia, the Middle East, the Caribbean, Latin America and North America.
