RBC Wealth Management has created a new role
to originate and structure credit for its international ultra high
net worth (UHNW) client base.
Michael Kay, formerly head of credit products
for RBC’s global trust and UK businesses, will relocate to Toronto
from August to take up the role.
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Kay will help develop lending solutions for
UHNW clients, deepening existing relationships and securing new
UHNW credit mandates, RBC said.
The creation of the new role is part of RBC
Wealth Management’s wider strategy to increase its focus on ultra
high net worth clients under Michael Lagopoulos, deputy chairman,
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,” said Lagopoulos.
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