RBC seeks acquisitions in UK wealth management
ROYAL Bank of Canada is looking to acquire wealth management businesses in the UK as part of a global expansion of its private banking arm, the head of advisory at its UK wealth unit said yesterday.
A new deal would mark a continuation of an aggressive buying spree by the Canadian group’s RBC Wealth Management unit.
“We definitely want to look at a transaction… We would look for something UK focused as we have now started to build our onshore UK business but we are also interested in the UK offshore space,” Phil Cutts, head of advisory for the British Isles at RBC Wealth Management said.
RBC has emerged from the financial crisis with a robust balance sheet and did not accept any state aid, leaving it able to take advantage of a rush to sell assets by rivals, Cutts said.
Last month RBC said it had reached a deal to buy JPMorgan Chase’s investment adviser servicing business.