ON THE MOVE-RBC Wealth Management names deputy chair
Aug 23 (Reuters) - RBC Wealth Management, a unit of Royal Bank of Canada , said on Thursday its current head of global trust will become the new deputy chair of the international ultra-high-net-worth group.
Paul Patterson will replace Michael Lagopoulos, who is set to retire from RBC at the end of October after 26 years with the company. Patterson, based in London, has been with RBC since 1985 and has held various leadership positions both domestically and internationally. He will start his new job at the beginning of October.
Stuart Rutledge, RBC's current head of global wealth services, strategy and transformation, will take over for Patterson. Rutledge will also oversee RBC Wealth Management's trust business internationally as chair of the company's global trust advisory board.
Both Patterson and Rutledge will continue to report to RBC Wealth Management's global head, George Lewis.
Toronto-based RBC, Canada's largest retail bank and the one most focused on wealth management, has set its sights on global wealth management as a key driver for growth.
Lewis told Reuters in an March interview that RBC wants to more than double its adviser headcount in emerging markets to at least 220 by 2015 and more than double the number of client relationship managers in Britain to 100 from 40, while continuing to add 25 to 50 advisers a year to the 1,500 in Canada.
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