John Montalbano is to take on a new position as vice-chairman of RBC Wealth Management, where he will support the company’s business development and projects.
Montalbano will also provide advice and counsel to the new chief executives of RBC GAM, Damon Williams and Alex Khein, who will lead the global management team from May next year.
Head of RBC Wealth Management & RBC Insurance, George Lewis, said: “John’s decision to initiate this leadership succession reflects the strength of RBC GAM, and the talented global management team he has built.”
He also said he expects the transition to be “seamless” for RBC’s employees and clients.
Montalbano managed RBC GAM from its foundation in 2008, and Lewis said the firm has had a “consistent trajectory”, even during challenging market conditions.
Previously Williams was head of RBC GAM’s institutional business and president of Phillips, Hager & North Investment Management, which was acquired by RBC in 2008.
Khein was chief operating officer at BlueBay Asset Management, which was also acquired by RBC, where he will remain as partner and chief executive.
Montalbano said: “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.”
RBC GAM currently has over C$350bn (£195bn, $305bn) in assets under management and 23 investment teams across North America, Europe and Asia.
