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News Releases

 

JBHanauer changes name to RBC Wealth Management

MINNEAPOLIS, October 13, 2009 — RBC (RY on TSX and NYSE) today announced the successful integration of JBHanauer & Co. (JBH), established in 1931, into its U.S. Wealth Management division. JBH was acquired by RBC in March 2007 as part of RBC's commitment to growing its wealth management presence in the U.S. and will now operate under the name RBC Wealth Management.

"The acquisition of JBH represented a strong strategic fit for RBC's U.S. wealth management business, and increased our presence within the metropolitan areas of New York/New Jersey, Pennsylvania and Florida, which are all very important markets for us," said John Taft, Head of RBC US Wealth Management. "JBH financial consultants and clients will benefit by having access to the resources of a global financial institution and to the financial strength and stability of our parent company, RBC."

JBH clients and financial consultants will now be able to offer clients an expanded set of wealth management capabilities and products, including broader 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.

"We are excited to be a part of such an outstanding organization that consistently demonstrates quality and expertise," said Barry Zucker, former president and CEO of JBH and now director of RBC Wealth Management's East region. "Our consolidation with the RBC brand is an important step in expanding the firm's capabilities, and providing our financial consultants and clients with the global resources and backing of RBC."

The integration of the approximately 130 JBH financial consultants onto the RBC Wealth Management platform marks the latest step in RBC Wealth Management's ongoing expansion in the U.S. The firm has recruited more than 300 financial consultants since late last year, by far the most consultants the firm has ever recruited in a single year, and earlier this year completed the successful integration of another recent acquisition, Ferris, Baker Watts.

About RBC Wealth Management
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, through its RBC Global Asset Management division. RBC Wealth Management has more than $490 billion of assets under administration, nearly $240 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers. RBC Wealth Management was recognized as the Outstanding Private Bank in North America by Private Banker International in October 2009.

The RBC Wealth Management division of RBC Capital Markets Corporation operates in the United States via more than 200 locations in 43 states. Founded in 1909, RBC Capital Markets Corporation is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority and other major securities exchanges, as well as the Securities Investor Protection Corp.

Media Contact: Jonell Rusinko Lundquist, 612-371-2239.

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10/13/2009 10:59:25