TORONTO - Royal Mutual Funds, a subsidiary of Royal Bank of Canada, has consolidated its investment management, strategic, operational, and investment groups.
The firm's investment management services had been performed by Royal Bank Investment Management, a spokesman for Royal Mutual Funds said.
George Lewis, who had been managing director and head of institutional equity at Royal Bank of Canada Dominion Securities, has been named president and chief executive officer of the new division, the spokesman said.
Mark Arthur will remain the head of Royal Bank Investment management, which for regulatory purposes must remain distinct from Royal Mutual Funds, even though many of the functions and operations of the two units will be combined, the spokesman said.
Royal Mutual Funds is Canada's largest no-load fund company; it has about $34 billion of assets under management.