RBC hires non-resident Indian team from Citigroup

FWR Staff

5 January 2009

Canadian bank is new "friendly" home to four London-based wealth managers. The Royal Bank of Canada has lifted a London-based team of wealth managers out of Citigroup in a bid to increase coverage of non-resident Indians in Europe and Asia.

The Canadian bank's wealth-management arm has appointed Sumit Sibal, Amit Kachawaha, Amit Kotha and Vikram Anand to provide investment advice and private-banking services to expatriate Indians.

Friendly home

"The team comes with strong credentials and an extensive book of clients," says Mark Evans, head RBC Wealth Management in the U.K and Ireland. "The appointment of the non-resident Indian team demonstrates our commitment to building out our wealth-management platform by continuing to hire talented individuals."

RBC made a flurry of London-based wealth-management hires last summer. Among those appointments were Haitham Karaket and Barnabus Reynolds from Bear Stearns, Konstantinos Dedes from Julius Baer and Roberto Islas from Clariden.

At the time, Evans said RBC was benefiting from "a flight to quality" by wealth managers "who are seeking a more stable, successful and friendly home in the current volatile market."

RBC Wealth Management includes Toronto-based RBC's Canadian and U.S. asset-management businesses, its global private-banking operations, and Minneapolis-based retail brokerage RBC Wealth Management USA, formerly RBC Dain Rauscher. -FWR

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