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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