- June 2, 2010 - Executive Moves - May 2010
United States
Deutsche Bank Alex Brown, the US private client services division of Deutsche Bank Securities and Deutsche Bank Private Wealth Management, hired John McCauley from UBS to head its Houston, Texas office.
In his new role he will hold a regional executive title and report to Haig Ariyan, the eastern regional head of the firm’s private client services group.
Nachshin & Langlois, the West Los Angeles family law firm, appointed two new associates to its team.
- May 28, 2010 - Net Income Falls At RBC's Wealth Arm, But Underlying Performance Shows Gain
Wealth management net income at Royal Bank of Canada fell by 29 per cent year-on-year to C$90 million (around $86 million) in the three months to 30 April, primarily due to an unfavourable accounting impact of C$68 million related to foreign currency translation on certain AFS securities, the bank said yesterday.
Excluding the accounting impact, net income at the wealth arm of the Toronto-listed bank stood at C$151 million, up C$25 million or 20 per cent over the year.
Higher fee-based revenue and higher transaction volumes were partially offset by spread compress.
- May 11, 2010 - RBC Wealth Management Appoints US Equity Specialist Firm For Fund
The international division of RBC Wealth Management has appointed Cornerstone Investment Partners, the Atlanta-based investment management firm specialising in US equities, as investment manager of the US core equity class of RBC Regent Strategy Fund.
Cornerstone manages about $2. 2 billion in assets for public pension plans, corporations and individuals, RBC Wealth Management said.
- May 6, 2010 - Executive Moves - April 2010
United Kingdom
Saffery Champness promoted Jonathan Fox, previously executive partner, to managing partner and appointed Rob Elliott as finance partner after eight years in the managing role.
Fox was previously chief executive of both a law firm (Collyer Bristow) and barristers' chambers St Philips.
Nucleus, the UK-based platform business, appointed Danby Bloch as a non-executive director, a role in which he is charged with ensuring that the interests of the business’ growing IFA community continue to be represented at the highest level.
- April 1, 2010 - RBC To Launch Barbados Wealth Management Hub
Royal Bank of Canada is to launch an international advisory and full-service securities brokerage in Barbados as part of its wealth management division.
RBC - which has been present in Barbados for close to a century - already provides a number of wealth management services to clients on the island, including trust and fiduciary capabilities and discretionary investment management.
The launch of a Barbados office holds particular appeal for the bank due to its proximity to the southeast Caribbean, Central America, Venezuela and Colombia markets and the bank hopes that t.
- March 17, 2010 - RBC Eyes Strong Growth In UK Onshore Wealth Business
One of the perhaps more predictable trends in financial services is in banks ramping up their onshore services as Group of 20 nations turn up the heat on offshore jurisdictions. One such firm tapping into this shift is RBC Wealth Management.
The firm - part of Toronto-listed Royal Bank of Canada - has been building up an onshore UK business, having hired Philip Harris to the role of head, UK domestic wealth management, last year, taking up his post in September.
- March 11, 2010 - RBC Looks To Expand Capabilities In Brunei, Singapore
Royal Bank of Canada has applied for an investment management licence in Brunei and a trust licence in Singapore, as it sees prospects in the wealth management sector.
While the bank has operated in Brunei in an offshore capacity since 2002, it is looking to develop onshore capabilities. It views the Sultanate as a potential financial hub for southeast Asia, ideally located to attract investors from eastern Malaysia, southern Philippines and parts of Indonesia.
- March 10, 2010 - RBC Wealth Management Boosts UK Onshore Business
RBC Wealth Management, part of Royal Bank of Canada, has bolstered its London-based UK onshore business with the hire of Jonathan Gold as a director.
Mr Gold, who specialises in tax-efficient investment planning, philanthropy, cross-border issues and charities, joins the firm from Alliance Bernstein Global Wealth Management, where he worked between 2006 and 2009.
In his new role Mr Gold will advise high and ultra high net worth individuals, foundations and charities on asset allocation and portfolio investment strategies, RBC Wealth Management said in a statement.
- March 4, 2010 - Wealth Management Net Income Up 36 Per Cent At RBC
Royal Bank of Canada reported net income from its wealth management operations of C$219 million (around $212 million) for the quarter ended 31 January 2010, up by C$58 million or 36 per cent from the previous quarter, and up by C$91 million or 71 per cent year-over-year.
The strong performance in wealth management compared to the same quarter last year was due to higher average fee-based client assets and transaction volumes, cumulative accounting adjustments amounting to C$39 million (or C$34 million after tax), and a favourable income tax adjustment of C$30 million. How.
- February 18, 2010 - Deutsche Makes Senior Hire In Fiduciary Services Division
Deutsche Bank has appointed Elizabeth Dorsch as chief operating officer for its fiduciary services division.
In her new Guernsey-based role, Ms Dorsch will be responsible for ensuring that the firm’s global trust business, which is headquartered in the island, operates efficiently on a day-to-day basis, Deutsche said in a statement. Ms Dorsch will work alongside Brian Conway, head of the fiduciary services division, and Paul Shevlin, chief operating officer of the Channel Islands.
