- October 5, 2009 - People Moves: September 2009
North
America
Sallie Krawcheck,
the incoming wealth management head at Bank of America,
unveiled her new leadership team.
The line-up includes eight executives from the
former Merrill Lynch,
two from BoA and a new hire
from Citigroup as
her direct reports.
Ms Krawcheck put former Merrill executive Lyle
LaMothe in charge of the bank’s US brokerage force.
- September 30, 2009 - RBC Grows US Wealth Offering With JP Morgan Advisor Servicing Acquisition
Royal Bank of Canada has expanded its wealth management offering by purchasing the JP Morgan investment advisor servicing business.
JP Morgan’s unit will be re-branded under RBC Advisor Services in the second quarter of 2010.
RBC Advisor Services is part of RBC’s US wealth management operation, providing custody and clearing services to third party advisors.
- September 7, 2009 - RBC Wealth Management Boosts LatAm Team
RBC Wealth Management, part of Royal Bank of Canada, has appointed Santiago Cedron and Patricio Demaria to its Geneva-based Latin America team, to focus on clients in Mexico and Argentina respectively.
Mr Cedron was latterly an executive director at UBS, having previously worked at JP Morgan. Mr Demaria, meanwhile, joins from JP Morgan, where he was a senior investor.
- September 2, 2009 - Executive Moves - August 2009
UK
JP Morgan Asset Management has appointed Pierre-Yves Bareau as head of emerging market debt, the Wall Street Journal reports.
Mr Bareau joins the company from Fortis Investments, where he worked as chief investment officer for emerging market debt for more than ten years.
The Financial Services Authority, the UK regulator, has appointed Julian Adams as director of its retail firms division.
- August 28, 2009 - Third-Quarter Net Income Drops At Wealth Arm Of RBC
The wealth management arm of Toronto-listed Royal Bank of Canada, which has risen rapidly as a wealth business around the world, said its net income in the three months to 31 July fell by C$18 million ($16. 5 million) to C$168 million from the same period a year ago, but rose by C$42 million on the previous quarter.
The quarterly improvement in net income was driven by higher transaction volumes and fee-based client assets as markets improved during the first six months of this year, RBC said in a statement.
- August 13, 2009 - RBC Continues To Hire In The US
RBC Wealth Management, part of Royal Bank of Canada, has hired former Merrill Lynch broker Tim Cowdrey as director of its branch in affluent Scottsdale, Arizona.
"I am very pleased to have Tim leading the Scottsdale branch," said Tim Rannow, head of RBC's Wealth Managment business in metropolitan Phoenix. "Tim's industry experience, leadership abilities and community involvement make him an excellent addition to RBC Wealth Management.
- August 3, 2009 - Executive Moves - July 2009
UK
Baltimore-based investment management firm T Rowe Price announced the appointment of Mike Della Vedova to its global investment services arm. Mr Vedova will work in London as a European high yield analyst and member of the global high yield team and shall focus on European sub-investment grade corporate credits.
Daniel Godfrey, one of the UK investment industry’s high profile figures over the last decade, has stepped down from his role as director general of the Association of Investment Companies.
- July 22, 2009 - Organisation Insight: RBC Wealth Management
A commonly observed fact about wealth management today is how many clients of private banks are expats who hold assets, business affairs and work commitments in more than one country. And a firm that has made a specialism in catering to this increasingly mobile world is RBC Wealth Management.
Part of Royal Bank of Canada, Canada’s largest bank and the twelfth largest bank in the world, RBC Wealth Management likes to stand out from its peers by offering integrated wealth structuring solutions and products to expats.
- July 22, 2009 - RBC Raids Wealth Structuring Specialist From Citi
RBC Wealth Management, part of Royal Bank of Canada, has appointed Roberta Ruddy to its senior managers international solutions team.
Based in New York, Ms Ruddy will work with RBC’s network of advisors and relationship managers, as well as with external planners, in serving US and international clients, RBC said in a statement.
Ms Ruddy joins RBC Wealth Management from Citi Private Bank, where she was a global wealth structuring consultant in the bank’s international private banking division.
- July 16, 2009 - US Investment Advisory Appoints RBC Dexia As Custodian
RBC Dexia Investor Services, which is equally owned by the Royal Bank of Canada and Dexia, has been appointed by Toronto-based Cougar Global Investments to provide global custody services for its clients.
Cougar Global Investments offers investment advisory services to high net worth families, trusts and corporations throughout Canada, the US and Europe.
RBC Dexia is equally owned by RBC and Dexia, the Franco-Belgian financial services group; the company has $1.
