RBC Global Asset Management (RBC GAM) has launched a new in-house technology hub to develop next-generation initiatives for investors and advisers and foster innovations.
The new RBC GAM Innovation Lab will collaborate with in-house experts in digital technology, analytics and machine learning to build tools for retail and institutional businesses.
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The asset manger will initially invest $20m over five years to build the new lab and finance its initiatives.
RBC GAM president Doug Coulter said: “We are committed to strengthening our industry-leading position in investment expertise and technology. Our Innovation Lab will help us enhance the value we offer to investors and advisors as Canada’s leading provider of investment solutions.”
RBC has snapped up Toronto-based fintech firm Wiser Investments as part of the new initiative, with Wiser founders and staff joining RBC GAM.
RBC vice president for innovation Gabriel Woo added: “We’re thrilled to bring onboard the skilled talent and proven expertise of Wiser Investments, which will form a solid foundation for RBC Global Asset Management’s Innovation Lab.”
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