RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), today announced changes to its senior leadership team.
Paul Patterson, currently Head, Global Trust, has been appointed to the position of Deputy Chair, RBC Wealth Management, Ultra High Net Worth (UHNW) – International. Based in London, Mr Patterson will focus on developing RBC Wealth Management’s UHNW offer by deepening existing relationships and acquiring new business amongst the wealthiest international families and institutional clients. This appointment follows Michael Lagopoulos’ decision to retire from RBC after 26 years’ service, on 31 October 2012.
Stuart Rutledge, currently Head, Global Wealth Services, Strategy & Transformation, has been appointed to the position of Head, Global Trust, RBC Wealth Management. Based in Jersey, Mr Rutledge will drive the development of the business, which includes RBC Wealth Management’s operations in the UK, Channel Islands and Caribbean, providing trust, banking, credit, investments, tax, custody and employee and executive services solutions to high net worth and ultra high net worth and corporate clients. As Chair of RBC’s Global Trust Advisory Board, he will also oversee RBC Wealth Management’s Trust business internationally.
Both Mr Patterson and Mr Rutledge, whose appointments become effective as of 1 October 2012, will remain on RBC Wealth Management’s Operating Committee and continue to report to George Lewis, Global Head, RBC Wealth Management.
George Lewis commented: “Stuart and Paul are both outstanding leaders. They will excel in their new roles which are integral to helping us reach our goal of becoming the global leader in wealth management. The increasing recognition of RBC’s strength and stability amongst high and ultra high net worth clients, many of whom are re-examining their historic wealth management relationships, offers us a real window of opportunity to further grow our business.
“I would like to thank Michael for his significant contribution to the success of RBC and RBC Wealth Management throughout his career. His commitment and passion for the business and service to clients throughout the years has been matched by his leadership and his readiness to share his valuable experience and knowledge with colleagues.”