RBC Up For Wealth Acquisitions

Oliver Twist

Royal Bank of Canada will consider acquisitions of as much as US$4.9bn as it seeks to expand its wealth-management unit, Chief Financial Officer Janice Fukakusa said.

Bloomberg reports that Royal Bank of Canada has expanded its wealth-management business through takeovers, including its 2010 purchase of London-based fixed-income money manager BlueBay Asset Management.

Wealth management contributed 11% of the bank’s profit in the first six months of the fiscal year, according to financial statements.

'What we’re looking at is more on the wealth-management side in terms of asset management', Fukakusa said. 'We’re looking at expanding some of our product capability and distribution capability in markets where we have a lower presence'.

Royal Bank would favor deals that expanded its equity capability, 'given where the fixed-income cycle is', she said.

Hit the link below to access the complete Bloomberg article:

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