When Luke Dugdale joined as director in the UK private client wealth management department, it was one of RBC’s most high-profile captures to date. The former head of Deutsche Bank’s UHNW desk explains his move.
One of Royal Bank of Canada’s most high-profile captures so far walked through the doors of their Riverbank House office this February: Luke Dugdale, former head of Deutsche Bank’s UHNW desk, a veteran banker with a £300 million book and 25 years experience spanning Svenska Handelsbanken, UBS and Citi. He will join RBC as director in the UK private client wealth management department.
RBC has been one of the most active firms in the UK wealth management market over the past 24 months. Its London-based relationship management team has swelled from 20 to 65, and Mike Moodie and Philip Harris are boosting it further still to 100 by 2015.
Speaking to Spear’s, Dugdale said that three things motivated him to join the fast-expanding RBC team.
‘First, the scope of solutions. A lot of the competitors tick some of the boxes, but I was particularly impressed by how much RBC has under one roof – from credit capabilities and an in-house tax consultancy to investment management and trust structuring.
‘Second, RBC has developed an environment that fosters ingenuity and rewards entrepreneurialism. The underlying approach to relationship management is very much about finding creative ways to establish long-term relationships rather than providing transaction-driven services.
‘Third, with Canada having been singled out by the World Economic Forum as having “the world’s most sound and safe banking system”, RBC has established a great reputation globally for financial prudence and can boast a strong balance sheet which will place the business in good stead to help private clients navigate these uncertain times.’
Happily, Dugdale, a former Canadian resident, will bring a new edge to Riverbank House too, being one of the few private bankers who genuinely understands the arts.
‘Many of the individuals I speak to own artwork, ranging from a couple of ad-hoc purchases to whole collections reflecting their personal taste.
‘Being able to knowledgeably discuss options that they may not previously have considered —whether art-lending, the role of art in their broader asset portfolio or how the pieces will be passed on to future generations — helps to build a connection that may, in fact, lead to the provision of other wealth management requirements.’
Given RBC — best known for its trust business —has an impressive investment track record (see below) Dugdale will have an excellent platform from which to build his book afresh.