Ferris, Baker Watts changes name to RBC Wealth Management
RBC adds seventh region to U.S. Wealth Management structure
MINNEAPOLIS, March 16, 2009 — RBC (RY on TSX
and NYSE) today announced that as part of its global brand
strategy, Ferris, Baker Watts (FBW) will now operate under
the name RBC Wealth Management. FBW was acquired by RBC in
February 2008 as part of RBC's commitment to bolster its wealth
management presence in the U.S. by aligning with firms that
carry a strong regional presence.
In addition to the FBW integration, RBC Wealth Management
will be adding a seventh region to its U.S. structure. The
new Mid-Atlantic region will be comprised of former FBW branches,
as well as existing RBC Wealth Management branches in the
region.
"The acquisition of FBW represented a strong strategic
and cultural fit for RBC's U.S. wealth management business,
and significantly expanded our presence in the Eastern, Midwest
and Mid-Atlantic regions -- all important markets for us,"
said John Taft, head of U.S. Wealth Management, RBC. "FBW
financial consultants and clients will benefit from this integration
by having access to the added resources of a global firm with
a strong and stable parent company in RBC."
FBW clients will now have access to expanded capabilities
and products, including fixed income inventory and strategy
desks, managed account platforms, retirement solutions and
resources, trust and estate resources, cash and lending products,
insurance and annuity products, and mutual funds analysts
and ETFs.
"For the past few years, RBC has been focused on significantly
growing its presence in the U.S.," said Jim Chapman,
co-president, Private Client Group, RBC Wealth Management
and director of the new Mid-Atlantic region. "The name
change and addition of a new region are important steps in
expanding the firm's capabilities, and providing more financial
consultants and clients with global resources."
About RBC Wealth Management
Globally, RBC Wealth Management directly serves affluent and
high net worth clients in Canada, the United States, Latin
America, Europe and Asia with a full suite of investment,
trust and other wealth management solutions. The business
also provides asset management products and services directly
and through RBC and third-party distributors to institutional
and individual clients, and has more than $450 billion of
assets under administration, more than $220 billion of assets
under management and more than 4,000 financial consultants,
advisors, private bankers and trust officers.
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Media Contact:
Jonell Rusinko Lundquist,
RBC Wealth Management, 612-371-2239
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