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RBC Wealth Management appoints deputy chairman
as part of focus on international ultra high net worth clients
TORONTO and LONDON, September 23, 2010 — RBC
Wealth Management, part of Royal Bank of Canada (RY on TSX
and NYSE), has announced that Michael Lagopoulos, formerly
president and CEO of RBC Wealth Management's international
business, has been appointed deputy chairman, RBC Wealth Management,
Ultra High Net Worth (UHNW) - International. He will focus
on developing RBC Wealth Management's UHNW business by deepening
existing relationships and acquiring new UHNW clients outside
of Canada.
Mr. Lagopoulos' appointment comes as part of an organizational
change by RBC Wealth Management to accelerate the growth of
its international business, with a particular focus on serving
emerging markets and UK clients in any of its key locations
around the world. Mr. Lagopoulos will continue to sit on the
boards of RBC Wealth Management's main international subsidiaries
and will also focus on international wealth management acquisitions
and alliances.
As part of this restructuring, RBC Wealth Management will
move from three geographic businesses to four: Canada, United
States, United Kingdom and Emerging Markets. The new structure
will include three cross-border groups - Global Asset Management,
Global Trust and Global Wealth Services - reflecting the business's
focus on continued international expansion of its core services.
The new structure, which takes effect November 1, 2010, will
enable RBC Wealth Management to leverage its diverse businesses
to create a full-spectrum client service offering and enhance
support for its client-facing professionals.
"RBC has established itself as a top 10 global wealth
manager," said George Lewis, Group Head of RBC Wealth
Management. "We see a tremendous opportunity for growth
in areas such as Asia, Latin America, the Middle East and
Eastern Europe. Creating a dedicated focus on emerging markets
and on the international UHNW segment is an important commitment
to the growing numbers and international needs of our clients
and bringing them the best of RBC and RBC Wealth Management."
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name RBC. We are Canada's largest
bank as measured by assets and market capitalization, and
among the largest banks in the world, based on market capitalization.
We are one of North America's leading diversified financial
services companies, and provide personal and commercial banking,
wealth management services, insurance, corporate and investment
banking and transaction processing services on a global basis.
We employ approximately 78,000 full- and part-time employees
who serve close to 18 million personal, business, public sector
and institutional clients through offices in Canada, the U.S.
and 51 other countries. For more information, please visit:
www.rbc.com.
About RBC Wealth Management
The international arm of RBC Wealth Management services over
35,000 high net worth individuals and institutions through
more than 30 offices in the British Isles, Continental Europe,
Asia, the Middle East, the Caribbean, Latin America and North
America. RBC Wealth Management provides integrated and diversified
international wealth management expertise and solutions, asset
management and trust services to high net worth individuals
and to corporate and institutional clients. Services provided
by RBC Wealth Management consultants, advisors, private bankers
and trust officers include trust and estate planning, tax
advice, discretionary investment management and investment
advisory services, structured solutions, banking, lending
and global custody. For more information, please visit www.rbcwminternational.com.
RBC Wealth Management, a segment of RBC, 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,
through its RBC Global Asset Management division, and through
RBC and third-party distributors to institutional and individual
clients. RBC Wealth Management has more than C$490 billion
of assets under administration, nearly C$240 billion of assets
under management and more than 4,500 financial consultants,
advisors, private bankers and trust officers.
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Media Enquiries:
RBC Wealth Management, Toronto:
Gillian McArdle, Telephone: 416 974 5506
RBC Wealth Management, London, UK:
Sanam Alaghband, Telephone: 020 7002 2013
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