RBC hires top UBS adviser to head UK wealth management
RBC Wealth Management has hired Philip Harris from UBS to head its onshore business in the UK, dealing another blow to the Swiss bank's embattled wealth business.
The appointment is the latest in a string of hires by RBC, which is looking to take advantage of its relative financial stability to boost its European wealth management business. Sources said further appointments are expected to follow the arrival of Harris, who resigned this week from UBS and will join RBC in June.
Paul Patterson, head of RBC Wealth Management in the British Isles, said: “Onshore is a new focus for RBC but one we see as having enormous opportunities going forwards. We are fully committed to building a high net worth onshore business in the UK and Philip’s experience and seniority in the market makes him the ideal person to lead and drive forward this initiative."
Speaking to Wealth Bulletin this year, George Lewis, head of global wealth management, said he believed the bank had a unique opportunity to attract staff and clients and planned to grow its UK onshore business. RBC has a large offshore trust business, based in Jersey.
An recent advertisement run in the Financial Times by RBC wealth management said:"We are keen to attract accomplished bankers at all levels. Integral to our strategy for 2009 is our commitment to the growth of a significant UK focused high net worth and ultra high net worth business to sit alongside our existing international operations in London."
Harris was previously head of the UK high net worth business for UBS, having joined the bank in 2004 when it acquired Scott Goodman Harris, a London-based boutique.
He is the third of the founders of the boutique to fall out with UBS. David Scott quit the bank last year to set up Vestra Wealth Management, following which UBS took legal action to prevent him poaching former colleagues.
This week, it emerged that Julian Goodman has been suspended by UBS, as first reported by Wealth Bulletin. The bank declined to comment.
Harris'sdeparture comes as UBS fights to hold on to clients and advisers following huge losses at its investment banking franchise and damaging legal action in the US over tax avoidance. Bonus payments to wealth management staff were slashed this year, as part of an agreement to secure a bail out of the bank from the Swiss government.
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