SINGAPORE, September 5, 2011 RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), today announced the opening of a new trust office in Singapore operating as RBC Trust Company (Singapore) Pte Ltd.
Headed by Hilary May, managing director, RBC Trust Company (Singapore) Pte Ltd. will provide trust, estate planning, and fiduciary services to RBC Wealth Management clients from around the world.
RBC Wealth Management's new Singapore trust service will not only enable RBC clients from Asia to enjoy the relationship and cultural benefits associated with the appointment of a local trustee, but will also provide RBC Wealth Management's international client base access to innovative estate planning services and trust solutions in Singapore. Singapore is regarded as an increasingly important centre in wealth and estate planning thanks to its high standard of regulation and legal system, its political and economic stability and its high-quality infrastructure.
Barend Janssens, Singapore-based head of Emerging Markets, RBC Wealth Management, commented: "RBC Wealth Management's world-class expertise in trust services is a real draw for many of our Asian clients. We anticipate interest from many of our clients and prospects, particularly from the large number of Asian families who choose to immigrate into or back from Canada and the U.S. The Singapore trust offering is another important step in the building of our Asian business, enabling us to offer an enhanced suite of wealth management services to clients in the region."
Paul Patterson, global head of Trust, RBC Wealth Management, commented: "What has long differentiated us from many of our competitors is the scale of our international presence. With trust offices across most of the world's major jurisdictions, we can offer clients more choice as to where their trust is established and administered and undertake planning across multiple locations."
One of the world's 10 largest wealth managers, RBC Wealth Management serves high net worth and ultra high net worth clients in Asia from its offices in Hong Kong, Singapore, Brunei and Beijing. RBC Wealth Management is one of the world's largest providers of trust services globally, with nearly 600 core trust staff serving more than 5,000 clients in 10 trust jurisdictions, including Hong Kong and now Singapore.
About RBC Wealth Management
RBC Wealth Management is one of the world's top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, 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 business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billion of assets under administration, more than C$310 billion of assets under management and approximately 4,500 financial consultants, advisors, private bankers and trust officers.
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 74,000 full- and part-time employees who serve close to 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 55 other countries. For more information, please visit rbc.com.
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For more information, please contact:
Paul French, RBC Wealth Management, +44 (0)20 7002 2013