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Thursday, March 01, 2018

Two Top RBC GAM U.S. Execs Depart

Reported by Neil Anderson, Managing Editor

A pair of Boston-based RBC Global Asset Management [profile] (RBC GAM) executives are moving on from the company.

Matthew Appelstein, managing director and head of distribution in the U.S., and Gerry Cosgrove, Appelstein's head of consultant relations, are both leaving RBC GAM, company spokeswoman Leah Commisso confirms. Mike Refojo, head of U.S. institutional sales, will become acting U.S. distribution chief "during this transition period," Commisso adds.

Cosgrove left "to pursue other interests," Commisso says, but Appelstein is still at the Canadian multinational for now. He reports to Mike Lee, president and chief investment officer of RBC GAM U.S.

"Matthew will remain with the firm over the next couple of weeks to ensure a seamless transition," Commisso tells MFWire. "Our succession process will be smooth for our clients."

Appelstein joined RBC GAM U.S. in 2011, and in 2012 he brought Cosgrove and Refojo on board. RBC GAM's U.S. distribution team has grown to from 17 in 2011 to 53 today, Commisso notes. The firm also has a five-person consultant relations team.

Before joining RBC GAM, Appelstein worked at Old Mutual Asset Management, rising in 2009 to oversee all of distribution. Prior to Old Mutual he worked at Fidelity and at Coopers and Lybrand, and he's an alumnus of UMass Amhert's Isenberg School of Management.

Cosgrove, an alumnus of both the University of Washington's Michael G. Foster School of Business and of UPenn, worked at Two Sigma Investments before joining RBC GAM in 2012. Prior to Two Sigma he worked for Wellington, Neuberger Berman, Wilshire, Intel, and the U.S. Navy. 

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