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News Releases


RBC Wealth Management announces leadership changes

Brenda Vince named head, Wealth Management Strategy Doug Coulter appointed president, RBC Asset Management Damon Williams appointed president, Phillips Hager & North

TORONTO and VANCOUVER, November 25, 2008 — RBC Wealth Management today announced the appointment of Brenda Vince as head, Wealth Management Strategy, effective February 1, 2009.

"Brenda has been tremendously successful in building RBC Asset Management into an industry leader in Canada," said George Lewis, group head, RBC Wealth Management. "She is the best person to lead RBC Wealth Management's strategy."

"With her exceptional strategic insight, client focus, experience and commitment to operational excellence, Brenda will now be a great asset to all of our Wealth Management businesses as we continue to execute our strategy to extend our lead in Canada, expand in the U.S. and internationally, and attract and retain experienced professionals across all of our businesses," added Lewis.

Brenda will focus on initiatives which will have impact across businesses, product lines, channels and clients.

Darrell Oswald and Patrick Keeley, co-heads of the combined discretionary wealth management business of RBC and Phillips, Hager & North (PH&N), will continue to report to Brenda as they lead one of the largest private client investment counselling firms in Canada.

As Brenda assumes this new role, Doug Coulter, currently president and CEO of RBC Direct Investing, will be appointed president, RBC Asset Management (RBC AM), effective on or about February 1, 2009, a position currently held by Brenda. RBC Direct Investing is currently reviewing candidates for Doug's current position and an announcement regarding his successor will be made in due course.

"Doug has what it takes to maintain and build RBC AM's leadership among Canadian asset management companies, to continue to serve the investment needs of all of our clients and to grow our global investment capabilities," said John Montalbano, chief executive officer, RBC Global Asset Management. "His proven ability to manage a dynamic organization in a highly competitive marketplace will be valuable as RBC Asset Management continues its growth strategy."

Also effective February 1, 2009, Damon Williams will be appointed president of Phillips Hager & North (PH&N), in addition to an expansion of his current role as head of Institutional Management for PH&N to include RBC AM.

"Damon has demonstrated outstanding leadership at the helm of PH&N's institutional business," said Montalbano, who is the current president of PH&N. "His unwavering commitment to putting clients' interests first makes him an ideal leader of both PH&N and our combined institutional business."

About Global Asset Management and RBC Wealth Management
Global Asset Management comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) in Canada and Voyageur Asset Management Inc. in the U.S. Combined, RBC AM and PH&N have $102 billion in IFIC-reported mutual fund assets under management and an additional $49 billion in other institutional and private client assets under management. RBC AM and PH&N received the Lipper Awards for "Best Overall Fund Group" and "Best Bond Family" in Canada respectively for the second consecutive year in 2008.

Global Asset Management is part of RBC Wealth Management, which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management also provides asset management and trust products and services directly and through RBC and third-party distributors to all client segments, and has over C$500 billion of assets under administration, more than C$240 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.

- 30 -

For more information, please contact:
Rina Cortese,
RBC Wealth Management Communications,
(416) 974-6970

Chris Dotson,
RBC Asset Management and PH&N Communications,
(604) 408-6009


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11/25/2008 09:07:29