Sign for the Royal Bank of Canada at 20 King St. West in downtown Toronto on March 12, 2013.Fred Lum/The Globe and Mail
RBC Global Asset Management is adding a new leader in Asia to run the group, and help fuel the bank's expansion plans in the region.
Mayur Nallamala joins as head of Asian Equities. Mr. Nallamala will be based in Hong Kong and will also be a senior portfolio manager. He will be responsible for $1.5-billion (U.S.) in Asian equity assets.
Mr. Nallamala was formerly with JPMorgan Asset Management in a similar role.
RBC's asset management business began operating in Asia 16 years ago, and has been led by Yoji Takeda since 2002. Mr. Takeda plans to retire within the next nine months.
"As a global organization with over $290-billion in assets under management and bold expansion plans, adding to our capabilities in Asia is an important priority for us," said Damon Williams, head of institutional investments at RBC Global Asset Management.
(Jacqueline Nelson is a Globe and Mail Financial Services Reporter.)
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