RBC WEALTH MANAGEMENT’S UK DOMESTIC BUSINESS HIRES THREE PRIVATE BANKERS

LONDON, 14 December 2009 – The international division of RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), today announced the appointment of three wealth managers to its London-based UK onshore business. This follows the news in March this year that Philip Harris had been hired to spearhead RBC Wealth Management’s push into the UK domestic market.

The new recruits include Shervin Mellegard, who joins RBC Wealth Management as a Managing Director in the UK Domestic team. Mellegard has over 20 years’ experience in the financial services industry, spanning a broad skill set from commodities futures and securities trading at Merrill Lynch in the U.S., to private banking and relationship management at Barclays Wealth in London. He is joined by Samuel Palmer, Director, and Neil Jeffries, Wealth Manager. Palmer, previously at UBS AG, will build out RBC’s value proposition for UK based family offices, whilst Jeffries, previously at UBS AG and Morgan Stanley, will ensure the delivery of RBC’s integrated capabilities to the bank’s new HNWI domestic onshore client base.

Commenting on the hires, Philip Harris, Head of UK Domestic, RBC Wealth Management, said: “RBC Wealth Management’s domestic offering centres on three key features: a high touch, personal service; the strength and security of a Top 15 global bank with a high quality balance sheet; and an open architecture approach, focused on integrated, client-centric solutions rather than product pushing. These new hires create a solid foundation for delivering our clients with this unique value proposition. We plan to continue expanding the team with further hires in the coming months, and are finding that applicants are drawn to us by the fact that we operate as a boutique – but with the balance sheet and capabilities of a major bank.”

Paul Patterson, Head of RBC Wealth Management’s British Isles operation, added: “We are committed to building and growing a UK domestic wealth management business to complement our existing strength in servicing international clients out of London.  This new initiative will provide integrated and diversified wealth management  expertise and solutions to UK based High Net Worth Individuals, drawing on our existing competencies in trust and estate planning, tax, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. We see tremendous potential for growth in the UK domestic market and are actively looking to hire senior, experienced professionals who have the drive and ambition to be able to contribute to the success of our new venture.”

RBC Wealth Management has also been hiring proactively in other parts of its UK operation, to support the growth of the UK Domestic Wealth Management business. Over the last three months, RBC Wealth Management has hired three people to its tax team in Cheltenham, focusing on onshore tax services, and a Life & Pensions specialist to its Advisory team in London.