LUXEMBOURG - Michel Malpas, chief executive of RBC Dexia investor Services, the joint venture's primary operating arm in Europe, has left the company.

He left over "diverging views on the conduct of business", a spokeswoman for RBC Dexia confirmed to IPE. Malpas - who was also deputy CEO and chief marketing officer of the venture -  has been replaced by Jean-Michel Loehr as both CEO and as a member of the executive committee of RBC Dexia Investor Services Ltd.

It is not known yet who will take over Loehr's position. Neither could Dexia confirm where Malpas will be going.

"We congratulate Mr. Loehr on his appointment," said Dirk Bruneel, chairman of RBC Dexia Investor Services Ltd.

"His leadership will play a key role as RBC Dexia continues to pursue growth opportunities in accordance with our strategic objectives."

RBC Dexia Investor Services was established in January 2006 as a joint venture equally owned by Royal Bank of Canada and Dexia. The custodian currently has $ 2.1trn (€1.7trn) in client assets under administration.