Doug Guzman, managing director and head of global investment banking, capital markets, has been appointed group head, wealth management and insurance, effective Nov. 1, Royal Bank of Canada (RBC) announced on Tuesday.

Guzman will succeed George Lewis who will remain at RBC as a senior portfolio manager in global asset management. Lewis and Guzman will work together closely over the next few months to ensure a smooth transition, the bank said.

In his new role, Guzman will be responsible for the strategy and performance of wealth management in Canada and internationally, including global asset management as well as RBC’s insurance business. He will report to Dave McKay, president and CEO, and will become a member of RBC’s group executive, which is responsible for setting the overall strategic direction of the bank.

“Doug has a track record of consistently delivering strong business results including growing RBC’s investment banking business to a top 10 global franchise while maintaining our leadership position in Canada,” said McKay in a statement.

“During his 14 years with RBC, Doug has established deep client relationships, assisting them to achieve their objectives in a number of landmark transactions. Through his leadership of RBC’s investment banking business over the last eight years, he has strengthened his global perspective and this, coupled with his unparalleled client focus, positions him well to lead this strategically important business for RBC,” McKay added.

In addition Guzman will assume the role of deputy chairman, RBC Capital Markets, where he will continue to act as the lead relationship manager with a select number of key clients.

Guzman holds an Honours B.A. in Business Administration from the University of Western Ontario and graduated from Harvard Business School with an M.B.A. In addition to his roles at RBC, he has held investment banking rolesat Goldman Sachs, based out of New York and Toronto.

Lewis will continue as a senior portfolio manager, RBC Global Asset Management. In particular, he will continue to co-manage RBC Global Dividend Growth Fund which recently surpassed the $2 billion mark under his direction.

“I want to thank George for his business leadership and contributions as well as his leadership in community organizations. With the restructuring of our international wealth business largely complete, and our U.S. wealth management growth platform underway, we are well positioned for this leadership transition,” McKay said.