RBC GAM Hires Ex-JPMorgan Executive, Odey Asset Management Buys More Plus500 Shares

0
129

RBC GAM Hires Ex-JPMorgan Executive, Odey Asset Management Buys More Plus500 SharesRBC Global Asset Management, which is owned by Royal Bank of Canada, has hired Clive Brown as its CEO and Managing Director overseeing its international business unit.

The Royal Bank of Canada, which trades in various asset classes, is seeking to expand its business outside its traditional Canadian and North American markets. As the new CEO and MD, Mr. Brown will operate out of London, with his new boss being John Montalbano, the CEO of RBC Global Asset Management, reports RTT News. Mr. Brown will concentrate on growing RBC’s business in EMEA region as well as in Asia-Pacific region.

Before joining the Royal Bank of Canada, Mr. Brown last served at JPMorgan as the Global Chief Operating Officer and Asian Chairman, besides having served in various other senior capacities within the US bank since 2001.

Meanwhile, London-based investment firm, Odey Asset Management surpassed the 13 percent ownership stake in Online FX and CFD trading platform Plus500. The firm, which manages $12.2 billion for individual and institutional investors as well as private banks, reported in its TR-1 filing at the London Stock Exchange that its CF Odey Absolute Return Fund owns 10.32 percent stake, with the other funds holding less than 3 percent.

The investment firm hopes to cash in from Plus500 excellent performance, which saw its first half 2014 net profits surge 249 percent, sending its shares up. Hence, the logical conclusion is that Odey plans to accumulate more shares to boost the returns of its Absolute Return Fund this year after earning weaker returns over the past 2 years. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.

To contact the reporter of this story; Yashu Gola at yashu@forexminute.com