Royal Bank of Canada (RBC) with its wealth management division has completed the £1.6 billion acquisition of Brewin Dolphin.
According to RBC, Brewin Dolphin will now operate as RBC Brewin Dolphin and continue to be run by its present chief executive Robin Beer.
The “transformative purchase,” which Royal Bank of Canada initially described in March of this year, will result in the creation of one of the biggest wealth managers in the UK, Channel Islands, and Ireland, with £58 billion in assets under management as of the end of the current fiscal year.
No immediate changes will be made to the services that each company provides on day one as RBC Wealth Management International and Brewin Dolphin continue to run as independent companies until integration over the coming months.
With 4,800 financial consultants, advisers, private bankers, and trust officers, RBC Wealth Management is a leading worldwide wealth and asset manager with a “rising presence” in the United States.
It also leads the market in Canada. Brewin Dolphin employs more than 2,100 people across more than 30 regional offices.
Doug Guzman, group head of RBC Wealth Management, stated that bringing together the complementary teams would establish and secure RBC Wealth Management’s position as a leading wealth manager in the UK and Ireland, while also providing future growth opportunities in an attractive and consolidating market.
Guzman added that as they solidified their dominant position across North America and, starting today, the UK, this platform would improve their franchise’s worldwide brand, scalability, and stability.
Most significantly, they were excited to unite two mission-driven businesses that shared a dedication to acting in the best interests of their clients, communities, and one another.
“We are thrilled to conclude the purchase of Brewin Dolphin and happy to welcome its clients and brilliant colleagues to RBC,” said David Thomas, chief executive officer of RBC Wealth Management International.
Brewin Dolphin delivers exceptional experience, a prodigious history of expansion, innovation, and investment success.
Over the past few months, their shared client-centric culture and principles have really come through, and they look forward to growing this further and broadening their offering to clients and intermediaries.
