"I am very pleased to have Tim leading the Scottsdale branch," said Tim Rannow, head of RBC's Wealth Managment business in metropolitan Phoenix. "Tim's industry experience, leadership abilities and community involvement make him an excellent addition to RBC Wealth Management."

Mr Cowdrey is actually a two-time Merrill employee. He began his career with the brokerage giant in 1995, and joined its chief rival, Citigroup's private-client unit Smith Barney , in 2003. After four years there he joined Phoenix-based Fox & Company Investments , where he stayed for about a year and a half before joining bankofamerica.com, Bank of America's brokerage - which got swept up into Merrill's far larger brokerage force when Bank of America acquired Merrill early this year.

Mr Cowdrey brings RBC's total of US-broker hires to about 280 for the year to date.

RBC Wealth Management has more than 4,000 financial consultants, advisors, private bankers and trust officers in Canada, the US, Latin America, Europe and Asia. Last year it had nearly $450 billion in assets under administration and more than $220 billion in assets under management.

The US arm of RBC Wealth Management - formerly RBC Dain Rauscher - operates from more than 200 locations in 43 states. It is based in Minneapolis.