By James Langton

(November 23 – 09:30 ET) – RBC Investment Services’ Peter Armenio is heading stateside to take the reins of Royal Bank’s new acquisition Dain Rauscher.

Armenio, who has headed the private client division here in Canada, will take over from Ronald Tschetter as president and chief operating officer of the private client division in the United States on January 1. Tschetter, 57, announced plans to retire earlier this year.

Armenio, 44, is an 18-year veteran of DS, working his way through the ranks from the frontlines of the brokerage business. With DS he oversaw 1,457 advisors managing US$71 billion, compared with 1,122 brokers at Dain managing US$68 billion. He will be based in Minneapolis. Armenio will report to Irv Weiser, chairman and CEO of RBC Dain Rauscher Wessels.

Royal Bank’s acquisition of Dain Rauscher is scheduled to close by the end of the year or early 2001. There is no replacement for Armenio in Canada, Brian Peters will continue as director of the Canadian private client division.