RBC Wealth Management has acquired Fortis’s
wealth management business in Hong Kong, consisting of about 16
client facing professionals and 30 support staff.
Fortis’ business model is understood to be
almost identical to RBC’s in Asia. People familiar with the Asian
wealth management industry suggest it has client assets of $1.8bn
and $16m in revenues.
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“Fortis Bank’s Hong Kong operations are a
strong strategic and cultural fit for RBC Wealth Management’s
international platform and this acquisition expands our presence in
Asia, a market that we have identified as a key priority,” said
Michael Lagopoulos, deputy chairman, RBC Wealth Management.
‘Significant
opportunities’
“We see significant opportunities to
capitalise on the increasing flow of trade and immigration between
[Asia and Canada],” Lagopoulos added.
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By GlobalDataLagopoulos hinted at the Hong Kong acquisition
in an interview with PBI in July and suggested the
Canadian bank was also looking at prospects in Latin America.
The Fortis acquisition comes in the same week
that RBC Capital Markets opened a new trading desk in Asia with an
additional 120 positions.
RBC now employs about 550 people in the
Asia-Pacific region across its wealth management and capital
markets businesses, in Hong Kong, Singapore, Tokyo, Brunei, Beijing
and Sydney.
