Royal Bank of Canada, the country’s largest lender, hired Manulife Financial Corp.’s Jean-Francois Courville as chief operating officer for the bank’s wealth-management unit.
Courville, chief executive officer of Manulife’s asset-management business, begins Feb. 4, the Toronto-based bank said today in an e-mailed statement. As executive vice-president of global wealth services, Courville will run RBC Wealth Management’s global support groups, which are being combined under one operating office.
Royal Bank’s wealth-management unit had C$763 million ($775 million) of profit in 2012, down from C$811 million in 2011, according to financial statements. Wealth management accounted for about 10 percent of the lender’s total profit for the year.
The wealth-management unit had about C$578 billion of assets under administration and almost C$340 billion under management as of Oct. 31, according to financial statements.
The move was reported earlier today by the Wall Street Journal. Telephone messages left with Courville and Jana Miller, a Manulife spokeswoman, weren’t immediately returned.