New head at RBC custodial unit

Catie Tobin has been named head of RBC Correspondent and Advisor Services. Ms. Tobin, who had been head of business development for RBC Wealth Management, replaces Mike Kavanagh, who is retiring. Ms. Tobin will report to John Taft, chief executive of RBC Wealth Management. RBC Correspondent Services serves broker-dealers, and the Advisor Services unit targets independent RIAs with more than $100 million under management. Its 84 RIA clients custody about $11.5 billion at the firm. RBC clears for more than 170 independent-broker dealers. Mr. Kavanagh will remain with RBC through the end of the year to assist in the transition. "People ask me, is [Mr. Kavanagh] really retiring?"Ms. Tobin said in an interview. "He is really retiring. He's been a great leader, a friend, and a mentor to me." Mr. Kavanagh had been with the firm for 25 years. Ms. Tobin is an 18-year veteran of RBC and Dain Rauscher Inc. Royal Bank of Canada acquired Dain Rauscher in 2000. Ms. Tobin said the firm will continue to target higher-end advisers with $100 million in assets, although that minimum is "a guideline," she said. "We're looking for the right strategic fit, with elite advisers who want the capabilities of a global organization." Recruiting has been so good, she said, that the firm can afford to be selective. "The pipeline of [independent adviser recruits] has never looked better," Ms. Tobin said.