{"id":13762,"date":"2024-12-10T16:20:34","date_gmt":"2024-12-10T21:20:34","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/?post_type=rbcwm_newsroom&p=13762"},"modified":"2024-12-11T08:58:12","modified_gmt":"2024-12-11T13:58:12","slug":"inside-rod-irelands-asia-strategy-for-rbc-wealth-management","status":"publish","type":"rbcwm_newsroom","link":"https:\/\/www.rbcwealthmanagement.com\/en-asia\/newsroom\/2024-12-10\/inside-rod-irelands-asia-strategy-for-rbc-wealth-management","title":{"rendered":"Inside Rod Ireland\u2019s Asia strategy for RBC Wealth Management (Asian Private Banker)"},"content":{"rendered":"\n

Since taking up the mantle of Asia head late last year, Rod Ireland has had his hands full managing RBC Wealth Management\u2019s (RBC WM) business in the region while still retaining the role of head of global markets for APAC.<\/p>\n\n\n\n

The Australian was appointed as the permanent head of Asia for RBC WM in\u00a0December last year<\/a>. Despite spending most of his career in global markets, wealth management did not come as an unfamiliar concept to him, Ireland told\u00a0Asian Private Banker<\/em>.<\/p>\n\n\n\n

\u201cI\u2019ve been spending a great deal of time speaking with clients. It\u2019s become very apparent to me, especially when discussing UHNW clients versus institutional clients, that the difference between private banking and institutional banking needs is minimal. It still revolves around products and services,\u201d Ireland said.<\/p>\n\n\n\n

While Ireland is not a typical private banker, the nature of wealth management is still bankers leading clients with the right solutions and advice. \u201cMore than ever, I find that clients seek access to global capabilities <\/a>. This plays well into RBC\u2019s hands.\u201d<\/p>\n\n\n\n

Strategy<\/h2>\n\n\n\n

In Asia, RBC WM currently sits outside of the top 20 private banks based on the number of relationship managers (RMs) and AUM.<\/p>\n\n\n\n

\u201cWe see that as a real opportunity. Because globally, we are number one in Canada [and] top 10 in wealth management in the US. In the UK, RBC also acquired UK-based wealth manager Brewin Dolphin in 2022,\u201d Ireland said.<\/p>\n\n\n\n

In his view, the organisations that have strong global capabilities are going to be winners in this competitive environment. In the first few months in the role, Ireland has dedicated his time between Hong Kong and Singapore and with staff, clients, and third-party consultants to get a better understanding of the Asian wealth management environment and how RBC fits into that.<\/p>\n\n\n\n

\u201cAnd it\u2019s very clear to us that clients are putting more emphasis on the counterparty status of banks that they are dealing with, particularly given the higher interest rates and putting money on deposit,\u201d he said.<\/p>\n\n\n\n

The lender also initiated a strategic plan to grow the business in March 2024. \u201cWe formulated a plan and a strategy that spans three to four years, and that journey started early this year. Our strategy is really about growing our business organically, increasing the number of relationship managers that we have on the platform, as well as increasing our assets under administration,\u201d he explained.<\/p>\n\n\n\n

Over the past 18 months, RBC WM has largely bolstered its team size by hiring former Credit Suisse bankers <\/a> in both Hong Kong and Singapore.<\/p>\n\n\n\n

\u201cWe are using the dislocation in the industry as an opportunity to grow our business,\u201d he said.<\/p>\n\n\n\n

Eyeing higher growth in North Asia<\/h2>\n\n\n\n

For many North American wealth management players, such as Morgan Stanley and Citi, Hong Kong plays a more significant role than Singapore. RBC WM also identifies the same pattern.<\/p>\n\n\n\n

\u201cAs to the current construct of RBC WM\u2019s existing business, two-thirds of our relationship managers are based in Hong Kong, and one-third are based in Singapore. As part of the growth strategy for the bank over the next three or four years, we are anticipating those ratios will pretty much remain unchanged,\u201d Ireland highlighted.<\/p>\n\n\n\n

The North Asia business for RBC WM is currently led by veteran Credit Suisse banker Victor Chao <\/a>.<\/p>\n\n\n\n

\u201cOne of the things that we have noticed from some of the recent hirings is that we are getting access to good people on the platform, and we are also raising the bar for our existing relationship managers,\u201d he continued. \u201cRBC does a very good job of maintaining a balance between culture and values (when hiring), as well as having a high-performance culture.\u201d<\/p>\n\n\n\n

Ireland further highlighted that as the bank increases its number of relationship managers, it also has to increase the number of people in other areas of the business, whether it\u2019s discretionary, products or wealth planning.<\/p>\n\n\n\n

\u201cOne of the things we found that\u2019s really important is the onboarding process that the clients experience. We want to make sure we offer the best-in-class experience to our clients.\u201d<\/p>\n\n\n\n

Pivot to Asia<\/h2>\n\n\n\n

While some North American counterparts have exited Asia wealth management businesses in the past, such as Merrill Lynch and Bank of Montreal, the decision to continue for many is due to the huge growth potential in the region and how well banks can leverage the \u201cone-bank\u201d concept.<\/p>\n\n\n\n

\u201cWe have a long history in Asia. One example is Japan, where we have been in the region for over 50 years,\u201d commented Ireland.<\/p>\n\n\n\n

RBC is the only Canadian bank that has a banking licence in Japan, which has been a significant participant in Canadian fixed income products. \u201cSo, we don\u2019t try to be all things to all people, but we know what it is that we\u2019re good at, and that\u2019s what we go after.\u201d<\/p>\n\n\n\n

\u201cThat\u2019s very much our model and we are adopting a very similar approach in our wealth management business,\u201d Ireland noted.<\/p>\n\n\n\n

\u201cGiven that I wear two hats now, I can really see where the opportunities are to collaborate across businesses. More broadly, there\u2019s a global diversification strategy that clients are focusing on not only within the markets world or the institutional world but also in the wealth management world.\u201d<\/p>\n\n\n\n

RBC Wealth Management Asia hires in the past 18 months<\/h2>\n\n\n\n
Name<\/strong><\/td>Title<\/strong><\/td>Previous firm<\/strong><\/td>Previous title<\/strong><\/td>Based in<\/strong><\/td><\/tr>
Daniel Soo<\/td>Managing director and market head<\/td>Credit Suisse<\/td>Managing director<\/td>Singapore<\/td><\/tr>
Lawrence Yap<\/td>Executive director<\/td>Credit Suisse<\/td>N\/A<\/td>Singapore<\/td><\/tr>
Ada Wang<\/td>Executive director<\/td>Credit Suisse<\/td>Director<\/td>Hong Kong<\/td><\/tr>
Christy Yuan<\/td>Executive director<\/td>Credit Suisse<\/td>Director<\/td>Hong Kong<\/td><\/tr>
Danny Zhao<\/td>Director<\/td>Credit Suisse<\/td>Director<\/td>Hong Kong<\/td><\/tr>
Sarah Tan<\/td>Executive director<\/td>EFG<\/td>Executive director<\/td>Hong Kong<\/td><\/tr>
Joe Lau<\/td>Team head<\/td>Credit Suisse<\/td>Hong Kong Greater China team leader<\/td>Hong Kong<\/td><\/tr>
Kenny Ng<\/td>Managing director, Team head<\/td>Credit Suisse<\/td>Director, Cluster head<\/td>Hong Kong<\/td><\/tr>
Charles Hsu<\/td>Managing director<\/td>Credit Suisse<\/td>Cluster head, Executive director<\/td>Singapore<\/td><\/tr>
Denise Toh<\/td>Managing director<\/td>Credit Suisse<\/td>Senior RM, Executive director, Greater China market<\/td>Singapore<\/td><\/tr>
Cheryl Ang<\/td>Executive director<\/td>Credit Suisse<\/td>Executive director, Greater China market<\/td>Singapore<\/td><\/tr>
<\/td><\/td><\/td><\/td><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

This<\/em> article was previously published in Asian Private Banker<\/a><\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Since taking up the mantle of Asia head late last year, Rod Ireland has had his hands full managing RBC Wealth Management\u2019s (RBC WM) business in the region while still retaining the role of head of global markets for APAC. 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