RBC has named one of its key executives to head the firm's wealth management and insurance division.
Doug Guzman will take over for George Lewis, who managed the banks wealth management unit since 2007. Lewis will step down on Nov. 1 to be a senior portfolio manager at the firms global asset management unit, according to the company.
The changing of the guard was part of "an orderly succession process," according to a company spokesperson. Guzman previously had headed the banks investment banking unit since 2005, his LinkedIn account shows.
With the restructuring of our international wealth business largely complete, and our U.S. wealth management growth platform underway, we are well-positioned for this leadership transition," RBC President and CEO Dave McKay says.
In January, RBC announced its plans to buy City National Bank for $5.4 billion in a bid to expand its presence in U.S.
Covering the largest markets in the U.S., Los Angeles, New York and San Francisco Bay Area, McKay estimated that the combined high-net-worth population of these three markets is over four and a half times the entire high-net-worth population of Canada," on a conference call with analysts earlier this year.
Last month, the unit also grabbed big ticket teams with combined assets of over $1.3 billion from Merrill Lynch.