John Taft of RBC Wealth Management named
chair-elect of SIFMA
NEW YORK and MINNEAPOLIS, October 27, 2009 —
Royal Bank of Canada (RY on TSX and NYSE) today announced
that John Taft, head of the U.S. division of RBC Wealth Management,
has been named chair-elect of the Securities Industry and
Financial Markets Association (SIFMA) for 2010. Taft will
continue to lead RBC's U.S. wealth management business while
assuming this senior role with SIFMA.
For the past year, Taft has been the chair of SIFMA's Private
Client Group Steering Committee where he has shown leadership
in advocating reform of the U.S. financial regulatory system,
playing a key role in lobbying for a new harmonized federal
fiduciary standard of care, expertise and advice for US broker-dealers
and investment advisors.
Taft recently testified before the U.S. House of Representatives
Committee on Financial Services on behalf of SIFMA about the
importance of creating a new, federal fiduciary standard for
broker-dealers and investment advisers who provide personalized
investment advice to individual investors. The proposed uniform
set of federal fiduciary regulatory standards is designed
to strengthen safeguards for investors and preserve investor
choice.
"RBC is very pleased that John has been appointed as
chair-elect of SIFMA," said George Lewis, group head,
RBC Wealth Management. "John's appointment reflects the
high standard of integrity, responsibility and client stewardship
he has brought to both his role at RBC and to his public efforts
to ensure individual investors are well served and the regulatory
system is fair and efficient."
About RBC Wealth Management
RBC Wealth Management directly serves affluent and high-net-worth
clients in Canada, the United States, Latin America, Europe
and Asia with a full suite of investment, trust and other
wealth management solutions. The business also provides asset
management products and services directly and through RBC
and third-party distributors to institutional and individual
clients, through its RBC Global Asset Management division.
RBC Wealth Management has more than $490 billion of assets
under administration, nearly $240 billion of assets under
management and more than 4,500 financial consultants, advisors,
private bankers and trust officers. RBC Wealth Management
was recognized as the Outstanding Private Bank in North America
by Private Banker International in October 2009.
The RBC Wealth Management division of RBC Capital Markets
Corporation operates in the United States via more than 200
locations in 43 states. Founded in 1909, RBC Capital Markets
Corporation is a member of the New York Stock Exchange, the
Financial Industry Regulatory Authority and other major securities
exchanges, as well as the Securities Investor Protection Corp.
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Media Contacts:
Jonell Rusinko Lundquist, 612-371-2239, jonell.rusinko@rbc.com
Kevin Foster, 212-428-6902, kevin.foster@rbc.com
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