The Canada-headquartered business has unveiled top-level changes to its wealth management arm, including the reporting line of its Asia chief.

The Asian wealth management business of Royal Bank of Canada is to be brought under the leadership of the bank’s international head of wealth management, Stuart Rutledge, as part of a change at the top.

Barend Janssens, head, RBC Wealth Management – Asia, is to retire as of 10 June 2016. Peter Corry will take on his role, based in Singapore, and will report to Rutledge, Toronto-listed RBC said in a statement today.

“Over recent years, we have been realigning RBC Wealth Management’s international footprint with a focus on delivering outstanding service to clients in targeted markets where we know we can add the most value,” said Doug Guzman, goup head, RBC Wealth Management & RBC Insurance.

“We believe there is leverage for our clients and teams to pool our leadership and expertise, so Stuart Rutledge will oversee the leadership of RBC Wealth Management – Asia as well as RBC Wealth Management – International. I am confident that these changes will further strengthen our capabilities and allow us to take full advantage of the opportunities we see for serving high net worth and ultra-high net worth clients in international markets,” Guzman said.

Corry is currently vice president, strategic initiatives and change management, finance at RBC. ‎

RBC has made a number of changes to its wealth management operations in an effort to focus on specific markets and remove itself from areas seen as insufficiently profitable. This publication recently interviewed one of its senior managers in the UK about its strategy (see here).

At the end of May, RBC posted a 3 per cent year-on-year rise in net income for the second quarter of 2016, propelled by strong results at its wealth management arm. Wealth management net income stood at C$386 million ($298 million) at the end of April, up C$115 million, or 42 per cent, compared to last year. This strongly reflected the inclusion of RBC's Q4 2015 City National acquisition, which contributed C$66 million. Compared to the previous quarter, net income from wealth management was up C$83 million, or 27 per cent - again largely reflecting benefits from the firm's efficiency management activities, among other factors.

Recently, RBC Wealth Management named Michael Armstrong as its new chief executive for the US, taking over from CEO John Taft, who retired at the end of May.