John Taft, the chief executive officer of Royal Bank of Canada’s U.S. wealth management unit, is retiring, according to a spokeswoman.
Mr. Taft, 61, has led the Minneapolis-based unit since 2005 and will continue in his role through May 31, according to Jonell Lundquist, an RBC spokeswoman. The firm will begin a search for his replacement, she said.
Mr. Taft oversees nearly 1,900 advisers with $273 billion of assets in 41 states. He has helped build the business in part through acquisition, including the purchase of City National Corp., which was completed last November.
“John was a strong advocate of adding banking to RBC’s capabilities in the U.S., which has been achieved with the completion of the merger with City National,” Russell Goldsmith, chairman and CEO of City National, said in an internal memo at RBC. Mr. Taft reports to Goldsmith.
After 35 years in the financial industry, including 15 years with RBC, Taft “has decided it is the right time to pass on the CEO baton,” Mr. Goldsmith said.
Mr. Taft, who is the great-grandson of U.S. President William Howard Taft, joined RBC in 2000 when it purchased investment advice services firm Dain Rauscher. He is the author of two books: “A Force for Good: How Enlightened Finance Can Restore Faith in Capitalism” and “Stewardship: Lessons Learned from the Lost Culture of Wall Street,” according to his bio on RBC’s website.
Video: John Taft on how advisers can help restore investor confidence.