Norris, whose title will be senior manager, intermediary business development, will be based in the company’s Jersey offices, RBC Wealth said in a statement today.
In the newly-created role, Norris will “drive RBC Wealth Management’s efforts in developing institutional client relationships in the Channel Islands", including with offshore trust companies, offshore fund and investment managers, family offices, insurance companies and captives, RBC Wealth said.
Norris reports to Tim Houghton, head of RBC Wealth Management’s private client wealth management – offshore operations, who is also based in Jersey.
‘Focus on institutions rather than private clients’
The new RBC Intermediary Wealth Solutions operation will “focus more on financial institutions” than on the private client market that had been RBC Wealth Management’s main remit in Jersey and Guernsey until now, the statement added.
Although the target clients might themselves have clients who are not located in Jersey or Guernsey, the operation itself is not going after non-Channel Islands’ customers, an RBC Wealth Management spokesman added.
Stuart Rutledge, Head of Global Trust at RBC Wealth Management, said the creation of the new, institutionally-focused Channel Islands operation was “in direct response to the increasing demand that we have seen from local businesses, as the ongoing market uncertainty has led them to seek stable and established institutions to partner with”.
At HSBC, Norris had headed up a team of wealth managers who were focused on Channel Islands-based private clients and intermediaries.
