is expanding RBC Global Asset Management's
] U.S. distribution team by at least one-third. Appelstein and RBC GAM U.S. chief Mike Lee
talked with MFWire.com
about their plans for the unit.
Appelstein, who previously ran global distribution at Old Mutual Asset Management, joined RBC GAM in September in the newly-created role of head of distribution in the U.S. [see MFWire.com, 10/19/2011
]. He has 15 people on his team, and he's now "hiring between five and seven people."
"RBC has made significant investments in building the global asset management business. Our objective is to create a global solutions platform, whereby we can bring investment capabilities managed across the globe to clients in the U.S.," Lee, president, CEO and chief investment officer for RBC GAM U.S., told MFWire.com
, pointing to Royal Bank of Canada's acquisition of UK-based BlueBay Asset Management announced
last year. "It's the right time to make an aggressive push into the U.S. distribution front. Matthew [Appelstein] was the perfect fit to grow distribution efforts."
"Our focus was much more general before," Appelstein said, explaining the expansion.
Appelstein said that he has specific plans to expand the part of the team focused on consultant relations.
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