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RBC WM creates new blockchain role

RBC WM creates new blockchain role

Stefan Mueller, former Singapore branch chief executive and COO for wealth management Asia at Royal Bank of Canada, has been handed a newly created role at the bank.

As managing director for next generation asset management, Mueller will be responsible for developing a new investment platform that gives clients access to digital currencies.

Reporting to Damon Williams, chief executive officer of RBC Global Asset Management, Mueller will also explore blockchain’s potential for improving RBC’s existing business processes.

Before becoming COO in March 2016, he was the head of investments and products for Asia at RBC Wealth Management for two years.

The bank has also made other hires to its wealth management team in Asia. Tho Gea Hong has been named as Singapore chief executive and will retain role as head of WM South East Asia.

Tho will continue to lead the Singapore-based private banking team, in addition to heading up the business from a regulatory standpoint.

Furthermore, Mike Reed has been appointed as head of distribution strategy and will be responsible for sales and wealth planning initiatives. Chen Yang has been named managing director, head of business strategy.

Both Reed and Yang will relocate to Hong Kong from London and Toronto, respectively, and will report to the head of Asia, Peter Corry.

In other developments, RBC has hired five senior private bankers in Hong Kong and Singapore.

Derek Leung and Rita Yeung have joined as director, relationship manager to serve high net worth and ultra-high net worth clients. Both have past experience of dealing with clients in North Asia and Greater China.

Cherry Lee has been named director for Greater China where she will focus on developing relationships between Greater China and North America. Lee joins from RBC Personal and Commercial Banking in Toronto.

Timothy Cheng and Irene Ng have both been named associate director, relationship manager.

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