RBC Global Asset Management Announces Leadership Succession

Damon Williams and Alex Khein to head RBC GAM; CEO John Montalbano to be appointed Vice Chairman, RBC Wealth Management

TORONTO, Dec. 9, 2014 /PRNewswire/ - RBC Global Asset Management (RBC GAM), the asset management division of Royal Bank of Canada, today announced a leadership transition, with Damon Williams and Alex Khein appointed as co-CEOs, reporting to George Lewis, group head, RBC Wealth Management & RBC Insurance, effective May 1, 2015. Also effective May 1, 2015, John Montalbano, CEO of RBC GAM, will assume a new role as vice-chairman of RBC Wealth Management, continuing to report to Lewis.

"RBC's asset management business is among the fastest growing in the world, and the continued development of this successful, leverageable business is central to RBC's global growth plans," said Lewis. "John's decision to initiate this leadership succession reflects the strength of RBC GAM and the talented global management team he has built. Damon and Alex are accomplished leaders with extensive experience, and this transition will be seamless for our employees and our clients."

Both Williams and Khein have extensive tenures with RBC GAM:

• Damon Williams joined Phillips, Hager & North Investment Management (PH&N IM) in 2005; the company was acquired by RBC in 2008. He has served since 2009 as head of RBC GAM's institutional business globally and president of PH&N IM.
• Alex Khein joined BlueBay Asset Management in 2004 and was appointed chief operating officer in 2005. BlueBay was acquired by RBC in 2010. Khein will remain as partner and CEO of BlueBay, a position he has held since January 1, 2014.

"I am humbled and privileged to have had the opportunity to serve the employees and clients of RBC GAM as CEO over the past six years," said Montalbano. "I have full confidence that Damon, Alex and RBC GAM's management team will effectively guide the organization as it continues to grow, compete and further enhance its investment capabilities. I am honoured to be asked by George Lewis to help guide this transition over the coming year and to take on additional responsibilities to contribute to RBC's future growth."

"John has had an exceptional tenure as CEO," said Lewis. "He has led RBC GAM from its foundation in 2008 - via the amalgamation of RBC Asset Management, Phillips, Hager & North Investment Management and Voyageur Asset Management - to the acquisition of BlueBay Asset Management in 2010 and beyond. RBC GAM has had a consistent trajectory through this timeframe, even within challenging market conditions, with strong growth in assets under management, investment performance and capabilities, and international expansion. Today, RBC GAM is a leading global asset manager with over C$350 billion in assets under management and 23 investment teams across North America, Europe and Asia."

As vice-chairman of RBC Wealth Management, Montalbano will support business development and special projects for RBC Wealth Management and other RBC businesses, as well as provide advice and counsel to the co-CEOs of RBC GAM and to Mr. Lewis, especially with respect to merger and acquisition opportunities for RBC GAM.

About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), and includes institutional money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through mutual funds, exchange-traded funds, hedge funds, pooled funds, separate accounts and specialty investment strategies. RBC GAM group of companies manage more than $350 billion and have approximately 1,200 employees located across Canada, the United States, Europe and Asia.

RBC Global Asset Management is part of RBC Wealth Management, which is one of the world's top five largest wealth managers*. RBC Wealth Management directly serves affluent, high-net-worth and ultra-high net worth clients globally with a full suite of banking, investment, trust and other wealth management solutions, from our key operational hubs in Canada, the United States, the British Isles, and Asia. 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$717 billion of assets under administration, more than C$452 billion of assets under management and approximately 4,400 financial consultants, advisors, private bankers, and trust officers. For more information, please visit www.rbcwealthmanagement.com

*Scorpio Partnership Global Private Banking KPI Benchmark 2014. In the United States, securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, a wholly owned subsidiary of Royal Bank of Canada. Member NYSE/FINRA/SIPC.

About RBC
Royal Bank of Canada is Canada's largest bank, and one of 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, investor services and capital markets products and services on a global basis. We employ approximately 78,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 38 other countries. For more information, please visit rbc.com.

RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2013, we contributed more than $104 million to causes worldwide, including donations and community investments of more than $69 million and $35 million in sponsorships. Learn more at www.rbc.com/community-sustainability.

SOURCE RBC