- February 2, 2010 - Executive Moves - January 2010
North America
CitizensTrust, the wealth management division of California-based Citizens Business Bank, hired William Zaleski as manager of trust services. He reports to Chris Walters, executive vice president of the bank and head of CitizensTrust. Mr Zaleski was most recently a senior wealth advisor at Dubuque Bank & Trust.
- January 12, 2010 - RBC Names New Non-Exec Director For European Subsidiary
Royal Bank of Canada has appointed prominent City figure Jim Pettigrew as a non-executive director of Royal Bank of Canada Limited, its London-headquartered European subsidiary.
Mr Pettigrew, who currently holds non-executive directorships at Hermes and the Edinburgh Investment Trust, has held a number of high-ranking roles within financial services in his career, including having been chief executive of CMC Markets, chief operating officer at Ashmore Group and group finance director at ICAP.
“Jim brings to RBC a first-class track record in financial services and a wealth of.
- January 12, 2010 - New London Boutique Launched By Former RBC Team
A new London-based investment boutique, RMG Wealth Management, has opened its doors for business, founded by a three-strong former Royal Bank of Canada team.
At RBC David Man, James Gates and Stewart Richardson worked together as a team serving UK clients up until late 2006. Messrs Stewart and Man had worked together previously at Merrill Lynch from 1999, and subsequently joined RBC in 2002, when Mr Gates joined the team.
- January 6, 2010 - Canada Hopes To Strike Deal With UBS On Tax, May Get Tough
Canada’s government hopes to persuade UBS to hand over the names of Canadian clients suspected of tax evasion but it may sue the Swiss bank to get the list if negotiations fail, a top minister has said, according to Reuters.
Canada has been in talks with the Zurich-listed bank and wealth management giant since last September. Its talks come in the wake of a deal by the US and Swiss governments under which, as part of a civil case, UBS will hand over account details on up to 4,450 people.
- January 5, 2010 - Executive Moves - December 2009
North America
Northern Trust has founded a new leadership team for its personal financial services operations in the Midwest. The team will be led by David Blowers, who will function as president and chief executive officer, overseeing all wealth management operations in more than 20 Northern Trust offices throughout the Midwest. Prior to his new appointment, Mr Blowers was president of personal financial services for the firm’s Illinois operations.
- December 10, 2009 - UK Government Targets Top-Tier Earners As Expected
The UK government’s pre-budget report has confirmed that a substantial tax burden will be levied on the county’s highest earners in 2010, as the country’s finance minister, Alistair Darling, unveiled plans for next year’s budget.
As expected, those with high earnings - those that earn over £150,000 ($243,000) a year - are still set to be taxed 50 per cent on income from April 2010.
“People are reacting by taking steps to speed up receiving income or reducing their income.
- December 9, 2009 - RBC Chief Says Still Eyeing Acquisitions, Especially For Wealth Arm
The head of Royal Bank of Canada has reiterated the bank’s view that it is looking to boost the size of its wealth management arm with acquisitions but said it did not expect to make a big US retail acquisition soon, according to Reuters.
Gordon Nixon, CEO, said the bank is eager to boost its capital markets and wealth management segments.
But while there has been much speculation that RBC would also like to build on its US retail banking presence, Mr Nixon was quoted as saying that he did not expect imminent deal-making because restructuring in the industry was proceeding s.
- December 4, 2009 - Swiss Bank Adds Private Bankers To Singapore Unit
Clariden Leu has added two new private bankers to its Singapore office, adding to a round of hires the firm has made in the Asian region.
Stephen Yan, previously the Royal Bank of Canada-Singapore's head of compliance Asia, will be occupying a similar role at Clariden with the title head of legal & compliance Asia, according to a statement by the Swiss private bank today.
Angeline Kiang, who used to be the senior vice president of the Royal Bank of Scotland's group audit Singapore unit, has been named head of business & operational risk management Asia.
- November 2, 2009 - Executive Moves - October 2009
UK
Robin Budenberg has been named the new chief executive of UK Financial Investments, the government agency in charge of the holdings in bailed-out British banks. He joins from UBS, where he is currently responsible for senior UK client relationships. He is replacing John Kingman as UKFI head.
- October 9, 2009 - RBC Says Looking At UK Wealth Business Acquisitions - Report
Royal Bank of Canada is looking to acquire wealth management businesses in the UK as part of a global expansion of its private banking arm, the head of advisory at its UK wealth unit said, according to Reuters, in comments that echo an interview with WealthBriefing earlier this year.
"We definitely want to look at a transaction. .
