RBC Wealth Management, part of Royal Bank of Canada, has announced the appointment of David Foster and Mike Adams as co-heads of the Caribbean business, based in Cayman and Barbados respectively.
Mr Adams, who was most recently Head of Operational Risk Management for RBC Wealth Management globally, has assumed regional leadership of the teams based in Barbados, with accountability for the corporate and institutional business and providing directional support to the Caribbean-based Operations, Technology and Functional teams. He joined RBC via the acquisition of Barclays’ US private banking operations in 2002, and has, since then, held a series of senior compliance and risk management positions within RBC’s Wealth Management operations worldwide.
Meanwhile, Mr Foster has assumed responsibility for the operation and supervision of the Investments, Trust and Private Client teams, including fiduciary, banking and relationship management solutions delivered through offices in Cayman, Barbados and the Bahamas.
He joined RBC Wealth Management in 2012 from Coutts, where most recently he was Managing Director of their Cayman business. Mr Foster has over 20 years of experience in leading teams that advise international high net worth and ultra high net worth individuals and their families. Both Mr Adams and Mr Foster will report to Stuart Rutledge, Head, RBC Wealth Management - British Isles and Caribbean.
RBC Wealth Management provides a comprehensive set of offshore banking and wealth management services to resident and international clients in the Caribbean. With teams of professionals based in the Bahamas, Barbados and the Cayman Islands, RBC Wealth Management has received several awards for excellence, including recognition as: The ‘Best Private Banking Services Provider’ in the Cayman Islands and the Caribbean region in the 2013 Euromoney Private Banking and Wealth Management Survey; ‘Caribbean Private Bank of the Year’ at the 2013 Citywealth International Financial Centre Awards; and mostly recently ‘Best Private Bank in the Cayman Islands’ at the 2013 World Finance Banking Awards.
Mr Rutledge said: “These appointments were made to ensure we are in the best position to serve our clients, provide opportunities for our employees, and grow our business in the Caribbean. David and Mike bring with them decades of valuable industry experience that position them perfectly to lead and implement our strategy in the Caribbean, and I am thoroughly pleased to have them on board.”