Stifel Team with $1.8 Mln Production Joins RBC in NJ
A duo of New Jersey brokers with a muni-bond bent who had been with Stifel Financial and predecessor firms for 13 years jumped last Friday to RBC Wealth Management’s Parsippany complex.
The main Parsippany branch houses RBC Wealth’s East Coast muni bond trading desk, which along with the recruiting package proved key to the decision of Darren Lehrman and Brian Marzulli to make the move, said a person familiar with the change.
The RBC Wealth complex trumpets brokers’ access to bond traders and analysts on its . The trading operation is a legacy of local bond firm J.B. Hanauer that RBC Dain Rauscher purchased in 2007.
Marzulli and Lehrman, who works primarily out of the Parsippany complex’s Red Bank office, managed about $290 million for about 200 households at Stifel, and jointly produced about $1.8 million over the past 12 months, according to RBC and the person familiar with the team. Their business is split about 50-50 between commissions and fee-based advisory accounts.
A Stifel spokesman did not immediately respond to requests for comment.
The brokers have teamed together since 1997 at Prudential Securities, Wachovia Securities and New Jersey-based Ryan Beck & Co., which Stifel purchased in 2003. Joining them is their longtime investment associate, Lucille Costa, according to an RBC news release.
The hires follow RBC’s recruiting a five-person Texas team known as the Evergreen Group from Morgan Stanley in August with more than $3.6 million in annual revenue.