RBC Wealth Management appoints deputy chairman as part of focus on international ultra high net worth clients
TORONTO and LONDON, September 23, 2010 — RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), has announced that Michael Lagopoulos, formerly president and CEO of RBC Wealth Management's international business, has been appointed deputy chairman, RBC Wealth Management, Ultra High Net Worth (UHNW) - International. He will focus on developing RBC Wealth Management's UHNW business by deepening existing relationships and acquiring new UHNW clients outside of Canada.
Mr. Lagopoulos' appointment comes as part of an organizational change by RBC Wealth Management to accelerate the growth of its international business, with a particular focus on serving emerging markets and UK clients in any of its key locations around the world. Mr. Lagopoulos will continue to sit on the boards of RBC Wealth Management's main international subsidiaries and will also focus on international wealth management acquisitions and alliances.
As part of this restructuring, RBC Wealth Management will move from three geographic businesses to four: Canada, United States, United Kingdom and Emerging Markets. The new structure will include three cross-border groups - Global Asset Management, Global Trust and Global Wealth Services - reflecting the business's focus on continued international expansion of its core services.
The new structure, which takes effect November 1, 2010, will enable RBC Wealth Management to leverage its diverse businesses to create a full-spectrum client service offering and enhance support for its client-facing professionals.
"RBC has established itself as a top 10 global wealth manager," said George Lewis, Group Head of RBC Wealth Management. "We see a tremendous opportunity for growth in areas such as Asia, Latin America, the Middle East and Eastern Europe. Creating a dedicated focus on emerging markets and on the international UHNW segment is an important commitment to the growing numbers and international needs of our clients and bringing them the best of RBC and RBC Wealth Management."
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada's largest bank as measured by assets and market capitalization, and among the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 78,000 full- and part-time employees who serve close to 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries. For more information, please visit: www.rbc.com.
About RBC Wealth Management
The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through more than 30 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody.
RBC Wealth Management, a segment of RBC, directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia with a full suite of investment, trust and other wealth management solutions. The business also provides asset management products and services directly, through its RBC Global Asset Management division, and through RBC and third-party distributors to institutional and individual clients. RBC Wealth Management has more than C$490 billion of assets under administration, nearly C$240 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.
RBC Wealth Management, Toronto:
Gillian McArdle, Telephone: 416 974 5506
RBC Wealth Management, London, UK:
Sanam Alaghband, Telephone: 020 7002 2013