A team that managed $1 billion in client assets left Morgan Stanley to join RBC, a spokeswoman says.
RBC's newest hires generated $3.6 million in annual revenue, the firm says.
The group operates from RBC's offices in San Antonio and Lufkin, Texas. The latter is a new satellite office. Team members include advisers Phillip Friesen, his son John, Chuck Crowson, Greg Bowman and Josh Zeleskey. Also moving with the team are Karen Ronaghan, senior financial associate, and Bonnie McKinney, senior registered client associate.
Steve Ogle, director of RBC's San Antonio branch, cited the advisers' industry experience and knowledge as reasons why the firm wanted to hire them.
Friesen started his career with Cowen & Co. in 1976, according to FINRA BrokerCheck records. He later worked for A.G. Edwards before joining Morgan Stanley in 2008.
Friesen had been a member of Morgan Stanley's President's Council, according to his team's profile on the firm's website, which was still available on Tuesday. He is also an amateur musician and enjoys painting and writing poetry, according to the profile.
Crowson and Bowman started their careers at A.G. Edwards in 1998 and 2003, respectively, according to BrokerCheck. Friesen's son and Zelesky both began their advisory careers at Morgan in 2011 and 2014, respectively.
A Morgan Stanley spokeswoman confirmed the departure and declined to comment further.
Last week, RBC recruited John McIntyre from Wells Fargo Advisors. He oversaw more than $100 million in client assets, according to RBC. McIntyre joined the firm in Houston.
RBC has $284 billion in client assets and about 1,800 financial advisers operating in 40 states, according to the Canadian firm.
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