The international arm of RBC Wealth Management, a part of the Royal Bank of Canada, has appointed Matthew Yong and Frank Mu as president and CEO respectively, of its Asia operations and the unification of its Asian operations under one umbrella ‘RBC Wealth Management, Asia’.
Reportedly, Matthew Yong will be based in Singapore and Frank Mu will be based in Hong Kong. These locations form RBC Wealth Management’s main hubs in the region.
Mr. Yong will be responsible for sales and distribution activities in Asia. He will continue to lead the advisory team, while also focusing on client solution support (including trust, discretionary investment management, investment advisory and credit) and functional support (including operations, information technology, human resources, finance, risk and compliance).
Mr. Yong and Mr. Mu both report to Doug Gunton, head of Asia and Canadian International Centres, RBC Wealth Management.
Doug Gunton said: “Mr. Yong and Mr. Mu are exceptional leaders and we have a strong team in place to serve the integrated wealth management needs of high net worth and ultra high net worth families in Asia. Asia is a high growth region and a key priority for RBC Wealth Management’s international wealth management business."
“We offer clients the strength and stability Canada’s largest bank coupled with a North American capability that is delivered from the key Asian financial centres of Singapore and Hong Kong. In addition, we are extremely well-placed to capitalize on the affinity between Canada and Asia, in terms of increasing flows of trade and immigration between the regions. We remain committed to our clients in the region, and also to those Asian clients who bank with RBC Wealth Management in the Canadian International Centres, which comprise Toronto, Montreal and Vancouver."
Mike Lagopoulos, head of the international arm of RBC Wealth Management, said: “Asia is one of our strategic areas for expansion, given the increasing numbers of high net worth clients in the region and their desire to deal with a strong Canadian-based global institution for all of their international wealth management needs. We are uniquely positioned to provide high net worth and ultra high net worth individuals in Asia with integrated wealth management services, offering banking and credit, investment advisory, investment management and trust solutions.”
