Meanwhile, in a separate development, RBC plans to hire 40 people as it opens an asset management company in Brazil on expectations Latin America's largest economy will grow in years ahead despite the global crisis, a top executive said, according to Reuters. The bank decided to enter the Brazilian market two years ago. RBC plans to hire about 14 financial advisers, while the remainder of the staff will be administrative and technical personnel. The majority of the advisers likely will come from private banks already in Brazil, he said.

In its appointment announcement, the firm said that as head of RBC Direct Investing, which provides discount brokerage services, Mr Storsley will be responsible for developing strategy, growing assets under administration, and expanding market share.

Most recently, Mr Storsley led the Global Institutional Management team and was head of Global Equity Research for RBC Asset Management.

In his new role at RBC Wealth Management Jersey, Mr Lucas will be responsible for enhancing the firm’s investment advisory service, along with providing investment analysis and commentary.  He will report to Kevin Flanagan, RBC Wealth Management’s international head of investments.

Mr Lucas joins the firm from Jersey-based Ashburton, an investment management subsidiary of South Africa’s FirstRand Group.

The appointments follow news this week that RBC Wealth Management has hired a four-strong team from Citibank to cover its non-resident Indian clients.  It was also previously reported in November that UBS had lost two teams of financial advisors in the US to RBC Wealth Management.

In addition, early this year RBC is expected to close the acquisition of Mourant Private Wealth, the Jersey-based private client trust business of the Mourant financial services group.  The acquisition is expected to add more than £3.5 billion ($5.1 billion) to RBC Wealth Management’s existing $91.7 billion in assets under administration in the UK and Ireland.

RBC Wealth Management has approximately $180.8 billion in global assets under management and $410.9 billion in global assets under administration.  RBC Wealth Management has 35 offices across the UK and Ireland, Europe, Asia, the Middle East, the Caribbean, Latin America and North America.