RBC Wealth Management, which earlier this year entered the RIA custody business in a big way, announced the retirement by year-end of Mike Kavanagh (left), who has headed that initiative as chief administrative officer and head of RBC Correspondent and Advisor Services.
Replacing Kavanagh, 52, is Catie Tobin, who has spent “18-and-a-half years” at RBC, Tobin said in an interview on Monday evening. Currently head of business development for RBC Wealth Management, in her new position she will report directly to John Taft, CEO of RBC Wealth.
(RBC Wealth’s foray into the RIA custody business, highlighted by the acquisition of the custody business of the former Bear Stearns, was the subject of a cover story in the July 2010 issue of Investment Advisor.)
In a statement, RBC Wealth said Kavanagh will work with Tobin during a transition period through the end of 2010. In that same statement, Tobin said “RBC Correspondent and Advisor Services…clearly represents two of our most promising expansion opportunities.”
In the interview, Tobin (left) said that she and Kavanagh were already “working closely on the transition,” building on a relationship strengthened by working together on the acquisition of the former Bear Stearns custody unit from JPMorgan that closed earlier this year.