RBC Wealth Management is to split out its
international wealth and asset management business into two
distinct units – UK and emerging markets.

The business was previously separated into
Canadian, US and International operations.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It will focus on the ultra high net worth
segment in the international arena, which RBC has previously
implemented in Canada

RBC is expanding its international business
and currently serves more than 35,000 high net worth individuals
and institutions through more than 34 offices globally.

Chart showing showing RBC Wealth Management assets under managementSpeaking to
PBI last month, RBC international wealth management
chief executive Michael Lagopoulos said it is giving special
attention to Latin America and Asia and it is closing in on
acquisitions in each region.

“We are expecting that between now and the end
of this year we will have a couple of things to report,” he
said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Permanent heads for the two new divisions are
yet to be appointed. However, Paul Patterson and Michael Lagopoulos
have been named interim heads of the UK and emerging markets units
respectively.

 

 

Leveraging global asset management

An RBC spokesperson said the bank was also
looking to leverage the capabilities and expertise of its largest
business, RBC Global Asset Management, to drive further growth and
alignment with all businesses in RBC wealth management.

In addition to the geographical changes, RBC
has created a global trust business, and a global wealth services
unit to provide product and service support.

RBC is Canada’s largest bank ranked by assets
with total market capitalisation of C$82bn ($79.4bn). Wealth
management is one of RBC’s five core businesses, accounting for
about 14% of the bank’s total profit.