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.”
Notes to editors
Paul Patterson has held a number of senior positions at RBC Wealth Management based in the Channel Islands, the Caribbean and Canada. Previously Head, Global Trust, Mr Patterson moved to Jersey to take up the role of Head of RBC Wealth Management in the British Isles in 2004. Mr Patterson previously oversaw RBC Wealth Management’s operations in the Caribbean and its international business in the USA.
In his previous role as Head, Global Wealth Services, Strategy & Transformation, based in Toronto, Stuart Rutledge has been responsible for the provision of portfolio advisory services, credit and cash management solutions, and ensuring effective collaboration across RBC Wealth Management’s global businesses. He has also led the development and implementation of RBC Wealth Management’s strategy and brand activation. As part of his 13 year career at RBC, Mr Rutledge was also previously Chief Financial Officer of RBC Wealth Management.
Michael Lagopoulos joined Royal Trust as Director of Finance in 1986, joining RBC following its acquisition of that business in 1993. During his career at RBC, he held a number of senior leadership roles, including Head of Global Private Banking and Head of RBC International Wealth Management, before becoming Deputy Chair, RBC Wealth Management, UHNW – International in 2010.
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$560 billion of assets under administration, more than C$322 billion of assets under management and approximately 4,300 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 are 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 investor services on a global basis. We employ approximately 80,000 full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 51 other countries. For more information, please visit rbc.com.