JERSEY, September 16, 2011 RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), today announced that it has been named as "Institutional Trust Team of the Year" at the Society of Trust and Estate Practitioners (STEP) Private Client Awards 2011/2012.
Competing against bank-owned trust companies from around the world, RBC Wealth Management was judged to have demonstrated success against a number of criteria, including client retention; in-house investment management capabilities and performance; client tax advice; and a clear policy towards the handling of client data.
The annual STEP Private Client Awards highlight excellence among private client solicitors/attorneys, accountants, barristers, bankers, trust managers and financial advisors. Winners were selected by STEP judges and a panel of experts representing internationally renowned lawyers, accountants, barristers and trust companies.
The STEP Private Client Awards judges said, "RBC Wealth Management's independent approach to trusteeship and open architecture approach to asset classes was praised, as was their low staff turnover and commitment to training."
Paul Patterson, global head of Trust, RBC Wealth Management, commented: "The STEP Private Client Awards are widely recognised as the barometer for measuring success in trust services. This global award is a tremendous endorsement that reflects the significant achievements by our trust teams over the past twelve months. In particular, we are delighted that the judges singled out independent approach as a differentiator as well as our continuing focus on meeting the evolving needs of our clients around the world."
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. Earlier this month it announced the opening of a new trust office in Singapore operating as RBC Trust Company (Singapore) Pte Ltd.
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