Patterson, who currently heads up the Global Trust division, will work out of London and will be responsible for growing existing relationships and adding new clients outside of the firm's home country, Canada.
He replaces Michael Lagopoulos, who decided to retire after 26 years at RBC. Lagopoulos' last day will be October 31, 2012.
Stuart Rutledge, the head of Global Wealth Services, Strategy and Transformation will fill Patterson's former position as head of Global Trust.
Both of their appointments go into effect on October 1, 2012.
"[Stuart and Paul] will excel in their new roles which are integral to helping us reach our goal of becoming the global leader in wealth management," George Lewis, global head of RBC Wealth Management, said. "The increasing recognition of RBC's strength and stability amongst high and ultra-high net worth clients, many of whom are re-examining their historic wealth management relationships, offers us a real window of opportunity to further grow our business."