CUSTODY

RBC I&TS hires new European regulatory specialist

The hire of Phillis comes just five months before custody banks operating in Europe will become subject to MiFID II. 

By Joe Parsons joe.parsons@strategic-i.com August 07, 2017 2:20 PM GMT

RBC Investor & Treasury Services (RBC I&TS) has hired ICAP’s former chief compliance officer for a new regulatory role in Europe.

Wendy Phillis has joined as managing director of governance and regulatory solutions in Europe and Asia-Pacific for the asset servicing arm of the Canadian bank.

She joins from ICAP where she previously served as chief risk and compliance officer for almost three years. Prior to that she spent over 16 years at State Street where she held a number of compliance and operations roles, including chief operating officer EMEA for its Global Markets business.

The hire of Phillis comes just five months before all banks, investment and custody alike, operating in Europe will become subject to MiFID II.

These requirements include enhanced safeguarding of client assets, and disclosing to clients that assets held with sub-custodians are segregated properly and not re-used without client approval.

RBC have made a number of key hirings, including appointing the former head of US prime brokerage at Bank of America Merrill Lynch, Jonathan Yalmokas, to lead its equity financing team for the Capital Markets branch.

Last month RBC I&TS also appointed JP Morgan’s Hong Paterson as country head and director of global client coverage in Singapore.