RBC Hires $375 Million All-Female Adviser Team -- Street Moves

By Michael Wursthorn Features Dow Jones Newswires

Royal Bank of Canada's U.S. wealth-management arm said it recruited an all-female team of financial advisers who managed $375 million as brokerages put more emphasis on expanding their ranks of women.

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Advisers Tracey Schusterman and Rosa Mazzone, along with two other associates, joined RBC Wealth Management's New York branch from UBS Group AG, where they generated $2.7 million in fees and commissions annually.

Based in Minneapolis, RBC Wealth Management has about 1,800 brokers who oversee $289 billion in assets. RBC said it is focused on bringing more women to the firm.

Ms. Schusterman and Ms. Mazzone had worked at the Swiss bank's U.S. brokerage arm since 2009. Before that, they worked at Smith Barney.

A UBS spokesman didn't immediately respond to a message seeking comment.

Female brokers are scarce in the industry. Of about 310,500 brokers in the U.S., just 15.7%, or 48,631, are women, according to research firm Cerulli Associates.

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Other brokerages, including Morgan Stanley and Raymond James Financial Inc., have also publicly said they are actively trying to attract more women to their ranks.

Write to Michael Wursthorn at Michael.Wursthorn@wsj.com

(END) Dow Jones Newswires

April 25, 2017 12:11 ET (16:11 GMT)