Ex-Morgan Stanley Branch Manager in NYC Heads West for RBC
(Updates third paragraph with comment from Morgan Stanley.)
The Royal Bank of Canada’s U.S. wealth unit has found a role for a former Morgan Stanley branch manager in New York City who resigned from his post last month to join the Minneapolis-based brokerage firm.
Justin Ferdula, who left Morgan Stanley’s Rockefeller Center branch for a to-be-determined role at RBC, will oversee six offices and 60 advisors as director of RBC’s Chicago complex, according to a statement Thursday from RBC. He replaces Burton P. Street, who had been the complex director since 2007, an RBC spokeswoman confirmed. Street will remain at RBC but is going into production as a financial advisor, she said.
A spokeswoman for Morgan Stanley said in an email that they expect to announce a replacement to lead the Rockefeller branch “in the near future.”
Reached at his new office in Chicago, Ferdula declined to comment. He began his career with Smith Barney in Clearwater, Fla., as a marketing associate and has been a broker there and with Morgan Stanley, which purchased Smith Barney, since 2002. He also worked in national training and as a complex business development officer over his 13-year career, according to a profile posted on his former Morgan Stanley website.
Sources close Ferdula said he was seeking more responsibility and felt it he could move up the ranks more quickly at RBC. RBC has around 1,800 advisors in 200 offices compared to 15,777 advisors in around 600 branches at Morgan Stanley.
RBC’s U.S. wealth business is run by Michael Armstrong, a former head of Morgan Stanley’s private wealth group.