RBC Wealth Management, part of Royal Bank of Canada, 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.
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. 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.”
D.C.