RBC Global Asset Management (RBC GAM), the asset management division of Royal Bank of Canada, has announced a leadership transition, with Damon Williams and Alex Khein appointed as co-CEOs, reporting to George Lewis, group head, RBC Wealth Management & RBC Insurance, effective May 1, 2015.
Also effective May 1, 2015, John Montalbano, CEO of RBC GAM, will assume a new role as vice-chairman of RBC Wealth Management, continuing to report to Lewis.
“RBC’s asset management business is among the fastest growing in the world, and the continued development of this successful, leverageable business is central to RBC’s global growth plans,” said Lewis. “John’s decision to initiate this leadership succession reflects the strength of RBC GAM and the talented global management team he has built. Damon and Alex are accomplished leaders with extensive experience, and this transition will be seamless for our employees and our clients.”
Both Williams and Khein have extensive tenures with RBC GAM:
- Damon Williams joined Phillips, Hager & North Investment Management (PH&N IM) in 2005; the company was acquired by RBC in 2008. He has served since 2009 as head of RBC GAM’s institutional business globally and president of PH&N IM.
- Alex Khein joined BlueBay Asset Management in 2004 and was appointed chief operating officer in 2005. BlueBay was acquired by RBC in 2010. Khein will remain as partner and CEO of BlueBay, a position he has held since January 1, 2014.
“I am humbled and privileged to have had the opportunity to serve the employees and clients of RBC GAM as CEO over the past six years,” said Montalbano. “I have full confidence that Damon, Alex and RBC GAM’s management team will effectively guide the organization as it continues to grow, compete and further enhance its investment capabilities. I am honoured to be asked by George Lewis to help guide this transition over the coming year and to take on additional responsibilities to contribute to RBC’s future growth.”
“John has had an exceptional tenure as CEO,” said Lewis. “He has led RBC GAM from its foundation in 2008 – via the amalgamation of RBC Asset Management, Phillips, Hager & North Investment Management and Voyageur Asset Management – to the acquisition of BlueBay Asset Management in 2010 and beyond. RBC GAM has had a consistent trajectory through this timeframe, even within challenging market conditions, with strong growth in assets under management, investment performance and capabilities, and international expansion. Today, RBC GAM is a leading global asset manager with over $306.4bn in assets under management and 23 investment teams across North America, Europe and Asia.”
As vice-chairman of RBC Wealth Management, Montalbano will support business development and special projects for RBC Wealth Management and other RBC businesses, as well as provide advice and counsel to the co-CEOs of RBC GAM and to Lewis, especially with respect to merger and acquisition opportunities for RBC GAM.