RBC’s Wealth Management division has hired away two advisers from Morgan Stanley (NYSE: MS) Smith Barney to join its Portland, Oregon office, the company announced on Wednesday.
While working at Morgan Stanley Smith Barney, Larry VanLaningham and Kevin Morrice oversaw $200 million worth of assets and generated $1.1 million in fees and commissions, according to the company.
Filings from the Financial Industry Regulatory Authority (FINRA) show that Morrice spent 26 years working at Smith Barney and VanLaningham spent 17 years at Smith Barney.
Morgan Stanley is a financial holding company. Through its subsidiaries and affiliates, the Company operates as a global financial services company that provides its products and services to a diversified group of clients and customers, including corporations, governments, financial institutions and individuals. It operates through three business segments: Institutional Securities, Global Wealth Management Group and Asset Management. In May 2010, Invesco Ltd. acquired the Company’s retail asset management business. During the year ended December 31, 2009, it disposed its former real estate subsidiary, Crescent Real Estate Equities Limited Partnership. On May 31, 2009, the Company and Citigroup Inc. (Citi) consummated the combination of the Company’s Global Wealth Management Group and the businesses of Citi’s Smith Barney in the United States, Quilter in the United Kingdom and Smith Barney Australia. The combined businesses operate as Morgan Stanley Smith Barney Holdings LLC.
Shares of Morgan Stanley (NYSE: MS) traded down 0.08% during mid-day trading on Wednesday.
