RBC Reflies Flag in Miami with Billion-Dollar AUM Morgan Stanley Team
RBC Wealth Management-U.S., under the leadership of ex-Morgan Stanley executive Michael Armstrong, continues to recruit from the wirehouse as it spreads its wings from its Minneapolis headquarters.
In Miami, which RBC exited in 2014 when it servicing mostly nonresident clients, the firm has brought in veteran broker Doug Sharon from Morgan Stanley to revive its presence in the city, RBC said on Tuesday.
Sharon, together with advisor Carey Bosch and two client service associates, had been managing over $1 billion in assets for ultra-high net worth clients at Morgan Stanley’s private wealth group.
“My role is going to be more of executive director, not responsible for operations and compliance and HR and things like that but helping build by attracting good people that will make the office a good place where I would want to work,” said Sharon, who moved in late July.
The 36-year brokerage industry veteran, who joined Morgan Stanley in 2009 after a 20-year career with Bear, Stearns & Co., said his move was influenced by former Bear and Morgan Stanley colleague Alex Sugar’s jump to RBC in Boston in May. Sharon had been branch manager of Bear, Stearns’ Boston office prior to joining Morgan Stanley in Miami.
Sharon said he reached out to Armstong to hear what kind of offer he might make, even though his forgivable loan contract with Morgan Stanley was not mature.
He has partnered with Bosch since they met at at Bear, Stearns in 2003.
Separately, Philadelphia-based Janney Montgomery Scott said on Tuesday that it hired Fady C. Maghak last week to open its new Miami office. Maghak had been managing $200 million in client assets in Miami at Raymond James & Associates. Earlier this month, Janney added Raymond James’ former South Florida complex director, Frank Amigo, in Boca Raton to help recruit brokers south of Fort Lauderdale.
Maghak had been with Raymond James for the last 16 years, according to BrokerCheck. He started in the industry at Prudential Securities in 1998.