A team that managed $1.2 billion in assets left Merrill Lynch to join RBC Wealth Management, a spokeswoman said.
RBC's hiring of advisors Dodd Newton Koeckert and Nicholas H. Anger is the firm's second biggest recruiting grab so far this year, and it follows on the heels of several billion-dollar teams making a move.
A team managing $3 billion in assets left J.P. Morgan for Deutsche Asset & Wealth Management, according to a person familiar with the move. Morgan Stanley lost advisor Bruce Munster and his team to Merrill Lynch. Munster was No. 7 in On Wall Street's annual ranking of the Top 40 Advisors Under 40 before the change.
And last month, Raymond James & Associates picked up a $2.4 billion team from Morgan Stanley, which represented the largest recruitment in that firm's history.
Recruiters have said that lucrative transition packages, expiring contracts and a bull market have helped create an environment conducive to moves particularly for the biggest teams.
"We keep saying we're not sure how long this will last, but it seems like right now that the aggressive and rich deals that we have been seeing are holding strong," says Elizabeth McCourt, senior vice president at Renaissance Unlimited, a Southampton, N.Y.-based recruiting firm.
Koeckert and Anger joined RBC's office in Stamford, Conn., where they report to Skip Morton, director of the branch. The duo now operates as the Koeckert Anger Group.
Koeckert is a 31-year industry veteran who spent his entire career at Merrill Lynch, according to FINRA records. Anger started his career at the wirehouse in 2005.
"The Koeckert Anger Group is one of the most significant hires RBC Wealth Management has brought on in the New England area," Pat Vaughan, East divisional director for RBC Wealth Management, said in a statement.
- Morgan Lands $3.6M Producers
- Merrill Rounds Up Advisors With $1.8B in Assets
- More 'Rich' Deals on Deck as Aggressive Recruiting Continues