Mr Barkley was most recently vice president-financial planning at what is now Morgan Stanley Smith Barney – the retail brokerage joint venture between Morgan Stanley and Citigroup which was completed earlier this month. According to media reports, Mr Barkley had been with Citigroup for almost 16 years.

In his new role, Mr Barkley will manage three financial advisors, along with two other employees, and will report to Chuck Evans, San Francisco complex director, who oversees the Salinas office.

“His leadership skills and extensive community involvement make him a great addition to the firm, as well as a respected member of the Salinas community,” said Mr Evans.

In other developments this month, RBC Wealth Management said it had recruited a team of advisors with over $250 million dollars in assets under management from Morgan Stanley Smith Barney for its Lemoyne, Pennsylvania office.

The team, known as the Turnbridge group, is comprised of Tim Engle, senior vice president-financial consultant; Brian Fields and Mark Snyder, both vice president-financial consultants; Chuck Koch, senior financial associate, and Joy Bochniak, senior financial associate.

RBC Wealth Management has been engaged in an aggressive recruitment drive in the US, hiring 270 advisors since the start of the bank’s fiscal year last November. RBC has been recruiting from a number of rival firms, luring entire teams of top producers in addition to individual advisors.