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January 31, 2011updated 04 Apr 2017 3:51pm

RBC leadership re-jig reinforces emerging markets push

RBC Wealth Management has launched an emerging markets division and split the banks global operations into four regions, part of a re-jigged leadership structure The emerging markets unit, which has branched off from the banks wealth management umbrella headed by deputy chairman Mike Lagopoulos, will focus on new high net worth clients in Asia, EMEA and Latin America. Singapore-based, Barend Janssens, who formerly ran the Asian region for ABN Amro and subsequently Fortis, the RBC wealth management subsidiary, will drive this emerging markets push

By PBI Editorial

RBC Wealth Management has named former ABN AMRO banker Barend Janssens as head of its emerging markets division, part of wider strategic changes to the bank’s organisational structure started in September last year.

The emerging markets unit will focus on new high net worth clients in Asia, EMEA and Latin America.

Singapore-based, Janssens, who formerly ran the Asian region for ABN AMRO and subsequently Fortis, the RBC wealth management subsidiary, will drive this emerging markets push.

Janssens will be responsible for all of RBC’s wealth management businesses in Asia, Continental Europe and Middle East as well as South America.

 

Canada, UK and US units also branch off

In September 2010, RBC Wealth Management split out its international wealth and asset management business into two distinct units – UK and emerging markets.

These two new divisions joined Canada and the United States as the bank’s four principal markets.

The three market heads for the other regions include:

  • Canada: David Agnew now heads the Toronto, Montreal and Vancouver offices.  
  • US: John Taft now manages the New York, Miami, Houston, San Francisco, Delaware and Seattle offices.
  • UK and the Caribbean: Paul Patterson now heads the five UK offices and the three in the Caribbean.

 

RBC enriches global reach through Fortis buy-out

In November 2010, RBC Wealth Management announced its acquisition of Fortis’s wealth management business in Hong Kong, consisting of about 16 client facing professionals and 30 support staff.

Lagopoulos noted ‘significant opportunities to capitalise on the increasing flow of trade and immigration between [Asia and Canada]’ through the Fortis buy-out.

The deputy chairman also hinted at the prospects of an acquisition in Latin America in an interview with PBI in July.

RBC wealth management has about 4,500 financial consultants, advisers, private bankers and trust officers globally.

 

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