RBC Investments is making two significant personnel changes. Vice Chairman, Reay Mackay, will retire Oct. 31, 2003. Mackay will continue in his current role as vice chairman and member of RBC’s Group Management Committee until April 30.

Peter Armenio, president and COO of RBC Dain Rauscher has been appointed president and CEO of RBC Investments, effective May 1, 2003. Armenio spent 18 years at RBC Dominion Securities, RBC’s Canadian broker-dealer. Prior to joining RBC Dain Rauscher in 2001, he was responsible for all domestic Canadian private client businesses, including RBC Dominion Securities’ full service brokerage, Action Direct, RBC Investments Private Counsel, and RBC Investments Financial Planning.

“Reay Mackay has done an outstanding job leading one of the key growth areas for RBC,” says Gordon Nixon, president and CEO of RBC Financial Group. “His nearly 40 years experience in the wealth management business was invaluable as we built RBC Investments over the past four years. His contributions to RBC and to the industry in Canada will be missed.”