RBC Wealth Management has recruited a nine-member team from UBS that managed approximately $1.1 billion in client assets. This move continues an aggressive hiring push by the U.S. wealth management unit of Canada’s largest bank.
The departure of such a large team represents another significant loss of client assets and experienced advisors for UBS. This trend highlights the competitive environment for wealth management talent and the challenges in advisor retention.
This event could impact UBS's market share and growth trajectory in the U.S. wealth management sector. It underscores the ongoing adjustments and competitive pressures faced by the bank following its strategic shifts and integration efforts.
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