RBC Wealth Management has appointed former Kleinwort Benson private wealth head Martin Heale as head of Americas for its UK division.

RBC Wealth Management has appointed former Kleinwort Benson private wealth head Martin Heale as head of Americas for its UK division.

Heale will lead the team of relationship managers responsible for RBC Wealth Management UK’s US, Canadian, Latin American and Caribbean client base. He joins as a managing director based in London, reporting to Philip Harris, head of Private Client Wealth Management, RBC Wealth Management UK.

One of his roles is to build RBC Wealth Management’s book of US clients in London, drawing on its experience of providing US-compliant products and services to US citizens with links to the UK.

The move comes at a time when US legislation such as FATCA, passed last year, has raised the compliance burden on firms serving expat US citizens working abroad, in some cases prompting some financial institutions to cut back on services to such individuals. RBC Wealth Management UK’s Investments business has held an SEC licence for over a decade.

”This is a significant hire for us, which once again demonstrates our ability to attract the very best in the industry. We will continue to build on our reputation for providing cross-border wealth management solutions for internationally-mobile high net worth clients as we grow our team in London,” said Harris.

“In particular our commitment to US clients at a time when others in London are exiting the market, presents a real opportunity for us to grow our UK business,” he added.

At Kleinwort Benson, Heale was acting head of Private Wealth Management and head of Client Proposition, UK and Channel Islands. Heale, who has over 25 years’ private banking experience, was responsible for a team of 29 private bankers at Kleinwort Benson. He previously held senior positions at Barclays Private Bank and BZW Portfolio Management.