RBC Wealth Management has appointed Michael Kay to head up RBC's department for international ultra high net worth (UHNW) client credit solutions.
In a newly-created client-facing role, Kay will be responsible for originating and tailoring credit solutions for clients who qualify for this service. Based in Toronto, it is expected that Kay will team up with RBC Wealth Management’s credit teams around the world, developing bespoke lending solutions for UHNW clients, strengthening existing relationships and securing new UHNW credit mandates.
Commenting on the appointment, Michael Lagopoulos, Deputy Chairman, RBC Wealth Management, said: “This new leadership role recognises the importance of ultra high net worth clients to RBC Wealth Management. Michael has been tremendously successful in growing the credit book from London while maintaining stringent credit control, which has largely been thanks to a significant increase in loans to UHNW clients. This new position recognises the impact and the value that credit solutions have to both our international client base and to the profitability of our business.”
RBC is Canada’s largest bank and RBC Wealth Management, directly owned by the Bank, is within the world’s top 10 largest wealth managers. Serving ultra high net worth clients around the world, the company has more than C$534bn of assets under administration, in excess of C$313bn of assets under management and around 4,300 financial consultants, advisers, private bankers and trust officers.
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