RBC Wealth Management has reinforced its coverage of Asia, appointing Matthew Yong president and Frank Mu chief executive officer of its Asian operations.
RBC Wealth is the private banking arm of the Royal Bank of Canada, Canada's largest bank. It is headquartered in London.
The RBC appointments coincide with the unification of the Canadian bank's private banking operations in Asia under one umbrella called RBC Wealth Management, Asia.
As president Yong will be responsible for sales and distribution activities in Asia. He was earlier head of private banking for Asia. Mu will lead the advisory team and will also focus on client solution support (including trust, discretionary investment management, investment advisory and credit) and functional support.
Yong is based in Singapore and Mu is based in Hong Kong. Both locations are hubs for RBC Wealth in Asia and the bank employs around 170 people across these two locations. In the region, RBC Wealth also has a representative office in Beijing and a branch in Brunei. It has around $4.8 billion of assets under administration (AUA) in Asia.
Both Yong and Mu will report to Doug Gunton, head of RBC Wealth Management's Asian and Canadian international centres. RBC Wealth has Canadian international centres in Toronto, Montreal and Vancouver.
"We offer clients the strength and stability of Canada's largest bank, coupled with a North American capability that is delivered from the key Asian financial centres of Singapore and Hong Kong," said Gunton in a written statement explaining why RBC Wealth's value proposition is unique. "In addition, we are extremely well-placed to capitalise on the affinity between Canada and Asia, in terms of increasing flows of trade and immigration between the regions."