RBC, which acquired Ferris in June this year for $230 million, also named Deb Kermeen chief operating officer of Ferris, replacing Adrian Teel.

Mr Chapman and Ms Kermeen will serve in these roles until 30 days after RBC converts Washington, DC-based Ferris to its operating system. After that, RBC Wealth Management head John Taft will oversee Ferris, which will no longer be a separate subsidiary, RBC said.

Ferris has 42 branches in 10 US states and Washington, DC. RBC Wealth Management has more than $160 billion of assets under management.