RBC Completes Wealth Management Acquisition for £1.6 Billion | National Offers News

Manchester office of Brewin Dolphin

Royal Bank of Canada (RBC) has completed the acquisition of a wealth management company for £1.6 billion with regional offices in the UK, the Channel Islands and the Republic of Ireland .

Brewin Dolphin will now operate as RBC Brewin Dolphin, as part of RBC, and will continue to be led by Managing Director Robin Beer.

RBC Wealth Management is a global wealth and asset manager with a leadership position in the Canadian market and a growing presence in the United States. Brewin Dolphin has over 30 regional offices and over 2,100 employees.

The two companies will continue to operate separately until integration over the next few months, with no immediate changes to the proposals each company offers on day one.

Doug Guzman, Group Head of RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said: “Bringing together these complementary teams will establish and solidify RBC Wealth Management’s position as a leading wealth manager in the UK. UK and Ireland, while offering growth opportunities in an attractive and consolidating market.

“This platform enhances the global brand, scale and stability of our franchise, as we solidify our leadership position in North America and now the UK. More importantly, we look forward to bringing two organizations together goal-oriented with a shared commitment to doing what’s right for our customers, our communities and each other.”

David Thomas, managing director of RBC Wealth Management International, said, “Brewin Dolphin brings exceptional experience and an impressive track record of investment growth, innovation and performance. Our customer-focused culture and shared values ​​have really shined over the past few months. , and we look forward to developing this further, increasing the depth and breadth of our offering to clients and intermediaries.”

Robin Beer, CEO of RBC Brewin Dolphin, added, “Our strategy to become a leading advice-focused digital wealth manager should be accelerated by being part of RBC. What doesn’t change is our focus on providing the exceptional advice and client focus that has been the foundation of our success and what made us interested in RBC.

“By becoming RBC Brewin Dolphin, we are combining two well-loved names and signaling our intention to further enhance our client proposition, and we are all incredibly excited about the future.”

RBC Capital Markets acted as exclusive financial advisor to RBC.

Norton Rose Fulbright LLP acted as legal counsel to RBC and RBC Wealth Management (Jersey) Holdings in connection with the acquisition.

Travers Smith LLP acted as legal counsel to Brewin Dolphin in connection with the acquisition.

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