Royal Bank of Canada's quiet but steady global wealth management expansion has taken another step forward, as the country's largest bank lands a team of emerging markets portfolio managers in London.
Royal Bank hired the former head of Société Générale's emerging markets group, Philippe Langham, and a veteran of Citibank and Invesco Perpetual named Michael Joynson.
Mr. Langham will lead the team that is being established in this sector, and the group will look at companies based in Asia, eastern Europe and Latin America.
The bank plans to hire at least two more emerging markets portfolio managers in coming months, said Dominic Wallington, chief executive officer and chief investment officer at RBC Asset Management U.K. The long-term strategy is to develop expertise in both equity and fixed income. To that end, Royal Bank recently transferred two global fixed income portfolio managers - Jane Lesslie and Soo Boo Cheah - to its London office from Toronto.
London has long been a major centre for international investors who play emerging markets, a role that dates back to an era when the sun never set on the British empire.