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News Releases

 

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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03/16/2009 09:22:08