ABN AMRO head to lead RBC international business

RBC Wealth Management makes senior hire from Dutch bank ABN Amro in effort to expand its international business.

Royal Bank of Canada’s wealth management arm has changed the leadership of its international business, ex Canada, US, UK and offshore, with a senior hire from ABN Amro.

Barend Janssens, formerly at the Dutch bank for 22 years, joins RBC Wealth Management next week to lead its strategy for expansion in Europe, the Middle East, Asia and Latin America.

The new role follows a restructuring of the Canadian wealth manager’s business announced in September 2010.

On 1 November of that year, it was divided up geographically into Canada, the United States, the United Kingdom and emerging markets.

RBC said it aims to boost its international presence, with further hires planned.
It has hubs in Asia in Singapore, where Janssens will be based, and Hong Kong. It also has offices in Brunei and Beijing.

The latest move follows the acquisition of former Dutch bank Fortis’ Hong Kong wealth management business by RBC in November 2010, signalling its expansion into the region.

Janssens takes over the responsibility for emerging markets from Michael Lagopoulos, who previously led the Canadian wealth manager’s entire international business outside of Canada.

Following the changes announced in November, Lagopoulos became deputy chairman at RBC Wealth Management. He now mirrors a similar role held by Gay Mitchell in Canada, catering to ultra high net worths but on an international basis.

He is responsible for acquiring new international high net worth clients and maintaining existing relationships, including in the UK.

He sits on the boards of RBC Wealth Management’s main international subsidiaries. He will also look at further international wealth management acquisitions and alliances.

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