RBC Wealth Management Taps Smith Barney For $400 Million Team

Wendy Spires

14 April 2009

RBC Wealth Management, part of Royal Bank of Canada, has recruited a team with over $400 million dollars in assets under management from Citigroup’s Smith Barney brokerage unit for its Beverly Hills, California office.

The team – known as the Schwarz Group – consists of financial consultants Don Schwarz, Jeff Horn and Peter Heilbron, along with registered sales assistants Marianne Talavera and Stephanie Hunter.

In addition, financial consultant Steven Tomingas, who was not part of the team at Smith Barney, also joins the Schwarz Group at RBC Wealth Management.

The team, which now reports to Ken Sullivan, complex director, focuses on individually managed portfolio focus accounts of high net worth individuals, along with retirement plans and charitable trusts.

The recruitment of the Schwarz Group follows news that RBC Wealth Management has continued its raid on UBS with the hire of Alan Danielson and Robert Brown as vice-president-financial consultants for its Hunt Valley, Maryland office. While at UBS the pair had $137 million in client assets.

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.