RBC Capital Markets, part of the Royal Bank of Canada, has followed through with its commitment late last year to raise its game in Asia. On Wednesday, it revealed several key appointments in Hong Kong, following its purchase of a new trading floor in the city in November, which the bank claimed would “double its capacity”.
Doug Moore has been recruited to head the office and will be responsible for leading the bank’s operations throughout Asia. A 23-year veteran of the region, his most vaunted achievement is the building of Credit Suisse’s financial services business in Hong Kong.
Moore has a dual geographical reporting line. His bosses are co-chief executives, Mark Standish in New York and Doug McGregor in Toronto.
“We are focused on further expansion of our platform in Asia; the creation of this position signifies the importance of the region for RBC Capital Markets, as well as the opportunity we see for distributing our global products,” said Standish in a press release. “[Moore’s] role in establishing an integrated strategy for RBC in Asia will greatly benefit our clients in the region, as it will help us deliver a more comprehensive suite of products and solutions,” he added.
Most recently, Moore was head of strategic planning at Henderson Land Development, before heading off on his own in 2004 to focus on managing his own family office and private investments. He started work at RBC in April and is now based in Hong Kong.
He is responsible for all of RBC’s Asian offices — in Hong Kong, Beijing, Tokyo and Singapore — which between them employ more than 180 people working in the fixed income, currencies and financial products markets. For the time being at least, these offices mostly distribute the bank’s global products, although a spokesperson said that, as the business develops, they will concentrate more on local product origination.
RBC plans to grow in the region by increasing its share of fixed income and structured securities sales, by building its local currency fixed income and currencies capabilities, and by targeting very rich people to help them with their “corporate needs”.
Meanwhile, Andrew Turczyniak, who was chief executive of RBC’s operations in Hong Kong, has taken on a new role as head of strategic relationships throughout Asia with a remit to build client relationships in close collaboration with the bank’s wealth management division.
“[Turczyniak’s] expanded role is testament to his success in leading our growth and development in Hong Kong, which is complemented by his extensive knowledge of the market,” said McGregor.
The third shift sees Alan Downie, chief operating officer in Australia, moving from Sydney to Hong Kong to take up the same job for the whole of Asia-Pacific, in addition to his Australian responsibilities.
“These structural changes ... will position RBC Capital Markets very well for growth in a market that we consider to be of key importance to the development of our franchise,” added McGregor.
In total, RBC’s capital markets operation employs more than 360 people in Asia-Pacific. Its main products and services are fixed income, foreign exchange, infrastructure finance, equity capital markets, metals, mining and energy. Its analytical research is also highly regarded.
The bank will “continue with its pattern of regularly adding top talent across our businesses within the region”, said the spokesperson.