NEW YORK and MINNEAPOLIS, November 10, 2010 Royal Bank of Canada (RY on TSX and NYSE) announced today that John Taft, CEO of RBC Wealth Management (U.S.), has been named chairman of the Securities Industry and Financial Markets Association (SIFMA) for 2011. SIFMA is the leading securities industry trade group representing securities firms, banks and asset management companies in the United States. Taft will continue to lead RBC's U.S. wealth management business while assuming this senior role with SIFMA.
As chairman-elect of SIFMA in 2010, Taft was instrumental in advocating for reform of the U.S. financial regulatory system, playing a key role in lobbying for a new harmonized federal fiduciary standard of care and recommending rules that preserve investor choice.
During his tenure as SIFMA chairman, Taft will continue to be a leader in financial reform, encouraging lawmakers and regulators to strike a balance on reform measures that will help ensure the U.S. avoids future financial crises, while allowing financial institutions to effectively do their part in supporting America's economic recovery and job creation.
Tim Ryan, President and CEO of SIFMA:
We are delighted to welcome John as the new chairman of SIFMA. During this unprecedented time of rulemaking and implementation of new financial regulations, the industry is sharing its broad expertise and experience with regulatory agencies through thoughtful analysis, information and comment. At the same time, the industry is working to effectively communicate the impact of these new laws on the American businesses, investors and families served by our members. John's leadership, experience and dedication to our industry will be invaluable in these efforts.
George Lewis, Group Head, RBC Wealth Management:
RBC congratulates John on his appointment as SIFMA Chair. As a top-10 global wealth management firm, RBC Wealth Management advocates for public policy and a regulatory approach that puts clients' interests first while making the financial services industry stronger and more transparent. John has demonstrated a steadfast commitment to stewardship and the development of new industry standards for financial reform. As SIFMA chairman, he will continue his passionate advocacy for the industry and for clients.
John Taft, CEO of RBC Wealth Management (U.S.):
It's truly an honor to be given the opportunity to assist in carrying out SIFMA's mission of supporting a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. I look forward to helping lead the organization's efforts towards making our financial system safer, sounder and more secure for investors while working to ensure that our financial institutions have the ability to promote economic growth.
About RBC Wealth Management
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets Corporation. Founded in 1909, RBC Capital Markets, LLC 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. RBC Wealth Management has over $160 billion of assets under administration and more than 2,200 financial consultants operating in over 200 locations in 42 states.
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