RBC Snags California Team Managing $610 Million at Merrill
RBC Wealth Management, which has been steadily hiring brokers from larger firms that have been trimming their recruiting budgets, has added a four-broker team from Merrill Lynch in southern California.
Larry Prutch, Cengiz Vokan, Alan Goldstein and Neil Fujita, who market themselves as the PVG Group, were managing $610 million of client assets at Merrill’s Rolling Hills Estates branch and will work out of RBC’s new Palos Verdes office, RBC said in a news release.
They registered with RBC Capital Markets, the Canadian bank’s U.S. broker-dealer, on Friday, October 27, the same day that the new office was opened.
Prutch, a 29-year industry veteran who had been with Merrill for almost nine years, spent almost two decades previously with Smith Barney and its Lehman Brothers predecessor, according to his BrokerCheck history. He began his career in 1987 at Stuart-James Company and PaineWebber.
Volkan, who like Prutch joined RBC as a senior vice president, had a similar career path, registering at the beginning of his career in 1993 with Lehman and joining Merrill in 2008.
Goldstein, the grandfather of the team with a 49-year career at Merrill, Smith Barney Lehman and E.F. Hutton, is a first vice president. Fujita, who has the same title, spent less than a year at Smith Barney at the start of his career in 2008 and had been with Merrill since 2008.
As part of RBC’s southern California complex, the new Palos Verdes office will be managed by comple director Mike Melton. The company has revved up its U.S. brokerage hiring under Michael Armstrong, a former Morgan Stanley and Jefferies executive who joined in the summer of 2016 and has lured several teams and managers from Morgan Stanley, Merrill and UBS.
Earlier this month, Minneapolis-based RBC Wealth hired Hightower Advisors’ former head of recruiting, Michael Parker, to run its national recruiting effort.