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Rating:Appelstein Plans to Keep Hiring at RBC Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 14, 2012

Appelstein Plans to Keep Hiring at RBC

Reported by Chris Cumming

Matthew Appelstein's hiring binge is not over.

Yesterday, MFWire reported that Appelstein's distribution team at RBC Global Asset Management [profile] hired two new group heads in a bid to increase sales to large institutional investors. In an interview with MFWire today, Appelstein revealed that he's preparing to make another hire with the distribution group's institutional-sales team and is looking to add another member to the consultant-relations group.

The creation of these new positions, he added, demonstrates RBC's commitment to expand into the U.S. distribution business.

Appelstein told MFWire that RBC is also looking for two new hires on the investment side.

Appelstein added that RBC is making an aggressive push to sell to public DC and DB plans, as reflected by yesterday's hirings of Mike Refojo and Gerry Cosgrove as heads of institutional sales and consultant relations, respectively.

"This is a firm that's investing in its people," Appelstein said. "And we're not done. We're making investments on the product side, the distribution side, and the investment side."

Mike Refojo, RBC's new head of institutional sales, said that because RBC came through the 2008 crisis in good health, it's in a good position to expand its distribution to public DC and DB funds in the U.S.

"My mandate is to be a solutions provider to institutional investors. And on the DC side, plan sponsors' needs are evolving. We're hearing a greater demand for customized products," Refojo said.

Gerry Cosgrove, RBC's new head of consultant relations for both DC and DB plans, said that consultants are an important part of the distribution chain and increasingly serve as gatekeepers to large plans. "This is a segment of the market that we need to be a leader in," said Cosgrove. 

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