Frances Donald has been named chief economist at Royal Bank of Canada.Erin Leydon/The Globe and Mail
Royal Bank of Canada RY-T has tapped Manulife Investment Management’s Frances Donald as its new chief economist after Craig Wright retired last month.
As one of Canada’s most prominent economists, Ms. Donald spent five of her eight years at Manulife as the company’s global chief economist and strategist. She will lead RBC’s economics and thought leadership team, supporting the bank’s efforts to use data, technology and artificial intelligence to identify long-term macro trends.
The division publishes research and commentary for Canadian and U.S. clients with insights on the direction of the economy.
During her tenure at Manulife, Ms. Donald oversaw macroeconomic strategy, economic forecasts and cross-asset investment ideas. She forecast global macroeconomic and financial trends, and identified opportunities and risks in the economy and capital markets. She also co-ordinated research, assisted with the group’s return forecasts and contributed insights on portfolio positioning.
Previously, she worked as a financial economist and global macro analyst at Bank of Nova Scotia, Montreal-based brokerage firm Pavilion Global Markets, Bank of Canada and Deloitte. In 2019, she was named as one of Canada’s 100 most powerful women by the Women’s Executive Network.
Ms. Donald is a regular commentator on broadcast programs, including BNN, CBC, Bloomberg, CNBC and Fox Business.
“Frances is highly sought after by clients, government leaders, policy makers, and media in the U.S. and Canada for her deep insights on the macro-economic environment and financial markets in North America,” RBC senior vice-president John Stackhouse said in an internal memo viewed by The Globe. “She has an ability to unpack complex issues and challenges in engaging and accessible ways and is known for a strong, collaborative leadership style.”
RBC has been expanding its economic coverage to examine housing, productivity, technology, innovation and climate issues.
Ms. Donald will join RBC on Aug. 26.
In June, Mr. Wright, the longest-serving chief economist at Canada’s biggest banks, retired after serving in the role at RBC for 23 years. Throughout his career, Mr. Wright forecast markets for four RBC chief executive officers, and across the administrations of four Canadian prime ministers and five U.S. presidents.
In April, RBC reinforced its ranking as the country’s largest bank by acquiring HSBC Bank Canada for $13.5-billion.