John Montalbano has stepped down as chief executive of RBC Global Asset Management (RBC GAM) after six years, the company announced today. He will be replaced by Damon Williams and Alex Khein as co-CEOs and will act as adviser to the new top bosses when the need arises.
In a statement yesterday, the group, which acts as the fund management arm of the Royal Bank of Canada, said Williams and Khein would take up their roles in May, while Montalbano will become vice-chairman of RBC Wealth Management.
The decision to step aside was understood to have been made by Montalbano, and group head George Lewis said yesterday this reflected the strength of the company and the talent pool within it. Williams has been RBC GAM head of institutional business globally since 2009, while Khein has been chief operating officer of BlueBay Asset Management since 2005. The company was acquired by RBC GAM in 2010. Khein will remain as partner and chief executive of BlueBay in his new role.
Montalbano said: “I have full confidence that Damon, Alex and RBC GAM’s management team will effectively guide the organisation as it continues to grow, compete and further enhance its investment capabilities.”