RBC starts trust services in Singapore, UK hiring push

RBC Wealth Management has launched a
Singapore-based trust company as a part of its ongoing business
expansion in Asia.

Headed by managing director Hilary May, RBC
Trust Company (Singapore) is to provide trust, estate planning, and
fiduciary services to RBC Wealth Management clients from around the
world.

The bank will also offer its regional clients
a local trustee.

Serving expat client
demand

Barend Janssens, RBC Wealth Management’s
Singapore-based head of emerging markets, said the bank anticipates
interest particularly from the large number of Asian families who
choose to immigrate into or back from Canada and the United
States.

RBC also has an established trust business in
Hong Kong since 1978.

RBC is the latest foreign bank to start a
trust company in Singapore.

In February, Swiss private bank Sarasin
launched its trust business in the city state.

British hiring push to
2015

London-based RBC Wealth Management has also
completed its move to larger offices as it moves to boost headcount
within its private wealth management team from 30 to 100 by
2015.

The move is in line with the RBC’s ambitions
to establish the UK as its third ‘home’ market for the bank’s
wealth and investment banking businesses.

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