Brokers stick to RBS

RBS Morgans will have a bigger-than-expected Perth base, with 14 advisers deciding to stay with the national stockbroking firm instead of following management to Patersons Securities.

Last month, RM Black Management, which manages the Western Australian office for RBS Morgans, decided to operate under the Patersons name, creating an East Perth office for the Perth stockbroker.

Patersons at the time had announced the office would have team of about 45 staff, including advisers and support staff.

However, RBS Morgans managing director Brian Sheehan said the broker had been approached by a group of 14 advisers and associated support staff who wanted to stay on.

“We’re very happy to get 14, what we think are good, advisers ... we think it’s a great outcome,” Mr Sheehan said.