Jersey/Guernsey, 30 October 2012 – RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), today announced the launch of its ‘Intermediary Wealth Solutions’ offering, which is to focus on promoting the business’ full suite of services to financial services companies in the Channel Islands. Adam Norris has been appointed to lead its business development, based in Jersey.

In the newly-created role of Senior Manager, Intermediary Business Development, Mr Norris will drive RBC Wealth Management’s efforts in developing institutional client relationships in the Channel Islands, including with offshore trust companies, offshore fund and investment managers, family offices, insurance companies and captives. He reports to Tim Houghton, Head of Private Client Wealth Management-Offshore, who is also based in Jersey.

Services offered by the Intermediary Wealth Solutions team include banking, cash management, treasury services, global custody, credit and financing, discretionary investment management, and tax consultancy.

Stuart Rutledge, Head of Global Trust, commented: “This initiative is in direct response to the increasing demand that we have seen from local businesses as the ongoing market uncertainty has led them to seek stable and established institutions to partner with. We believe that our unique value proposition means that we are ideally placed to become a leading provider of wealth services to the intermediary market in Jersey and Guernsey.

“Adam’s impressive background, experience, and existing knowledge of the local intermediary market make him the ideal person for this role, and I’m confident that he will be an invaluable asset in achieving our goals.”

Mr Norris joins from HSBC Private Bank where he led a team focused on Channel Islands-based private clients and intermediaries. Prior to that, he worked for Deutsche Bank in Jersey where he ran a portfolio of high net worth and ultra high net worth private clients.

RBC Wealth Management was recently named Best Private Bank in the Channel Islands at the 2012 World Finance Banking Awards. Its Channel Islands offices provide banking, credit, tax, investment management, custody, trust, fiduciary services, and corporate employee and executive services. The business is marking its 50th anniversary in Jersey this year, and will celebrate 40 years in Guernsey next year.