Craig Gordon, the No. 2 executive at RBC Correspondent Services since 2008, has left the clearing firm, according to RBC spokeswoman Jonell Lundquist.
Mr. Gordon, who also was a senior executive at RBC Advisor Services, the custodian for independent advisory firms, had been at RBC since 2000, according to his LinkedIn profile. He led many of the firm's sales efforts and worked to elevate the profile of the Royal Bank of Canada subsidiaries.
With 180 broker-dealer clients, RBC's clearing business is the fifth largest, according to data collected by InvestmentNews.
RBC's custody business tends to focus on larger advisory firms and compete with the heavy hitters, such as Schwab Advisor Services, TD Ameritrade Institutional and Fidelity Institutional Wealth Services. It has $11.6 billion in assets under custody for 99 advisory firms, and increased its assets 11.7% from 2012 to 2013, according toInvestmentNews data.
In a statement, Ms. Lundquis described Mr. Gordon as “a valuable asset to the firm over the years” and said the firm is actively recruiting his replacement. He could not be reached for comment.
The story was first reported by RIABiz.