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(Bloomberg) — Royal Bank of Canada hired Brian Mulcahy to lead digital-asset strategy in its global markets business, the latest move by a bank to dive deeper into the asset class.
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In the newly created role, Mulcahy will be based in New York and work closely with teams across RBC Capital Markets and the broader company, according to a memo seen by Bloomberg News. He’ll report to Matthew Ouderkirk, who’s joining in August as chief operating officer of the global markets business.
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Mulcahy was most recently chief executive officer of StoneX Digital, which helped StoneX Group Inc.’s institutional clients get access to digital asset markets. He built and led the business from inception, according to the memo.
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“Brian’s experience and leadership will serve us well as we build out our capabilities and shape what’s next for digital assets in RBC Capital Markets,” Jonathan Hunter, head of global markets, said in the memo. “I am confident he will add momentum to this work.”
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RBC’s competitors have also been bolstering their footholds in the digital asset business. Earlier this year, Bank of Montreal hired Imran Ibrahim from Canadian Imperial Bank of Commerce to lead its digital assets strategy, while CIBC tapped John Lee to lead its efforts in that area.
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The hiring of Mulcahy is also part of RBC’s push to expand its presence in US financial markets. In the past seven months, RBC Capital Markets has added 205 people in the US, including 23 managing directors.
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