RBC Wealth Management, a part of Royal Bank of Canada has named Andrew White as Director, private banking, for its Singapore office. 

The bank has also hired Andrew Cheng, who joins RBC Wealth Management’s Hong Kong team as executive director, private banking, reporting to Vicky Lin, deputy head of private banking, Greater China. 

As the global market becomes more uncertain and the competition gets more fierce, the bank seeks to more direction and guidance to position it to generate returns. 

In Singapore, RBC faces competition from not only MNCs but homegrown banks which have been performing well lately. Despite the fear of a risk-off sentiment in the market, the trio reported higher assets under management from their affluent clients in the second quarter, up 8-9 per cent from a year earlier. The trio includes DBS Bank, OCBC and UOB. 

Amidst such market uncertainty and competition, RBC looks for some guidance from White, who comes with 14 years of industry experience. In his new role in the bank, White will primarily focus on the business’ Asia’s Global Families client segment. He will report to Dom Lane, executive director and team head of private banking.

"His investment background and experience working with multi-generational international families will help RBC Wealth Management anticipate and meet the financial planning needs of global families across the region," said Lane. 

RBC looks forward to build on strong connections White brings in. He also has understanding of multi-family offices, both in Asia and in Europe. Let's see how with White's knowledge, experience and connections in various continents, RBC strengthens its business and gains more market share.

Image credit: Financial Post