RBC Wealth Management is to split out its
international wealth and asset management business into two
distinct units – UK and emerging markets.
The business was previously separated into
Canadian, US and International operations.
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It will focus on the ultra high net worth
segment in the international arena, which RBC has previously
implemented in Canada
RBC is expanding its international business
and currently serves more than 35,000 high net worth individuals
and institutions through more than 34 offices globally.
Speaking to
PBI last month, RBC international wealth management
chief executive Michael Lagopoulos said it is giving special
attention to Latin America and Asia and it is closing in on
acquisitions in each region.
“We are expecting that between now and the end
of this year we will have a couple of things to report,” he
said.
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By GlobalDataPermanent heads for the two new divisions are
yet to be appointed. However, Paul Patterson and Michael Lagopoulos
have been named interim heads of the UK and emerging markets units
respectively.
Leveraging global asset management
An RBC spokesperson said the bank was also
looking to leverage the capabilities and expertise of its largest
business, RBC Global Asset Management, to drive further growth and
alignment with all businesses in RBC wealth management.
In addition to the geographical changes, RBC
has created a global trust business, and a global wealth services
unit to provide product and service support.
RBC is Canada’s largest bank ranked by assets
with total market capitalisation of C$82bn ($79.4bn). Wealth
management is one of RBC’s five core businesses, accounting for
about 14% of the bank’s total profit.
