Following the sale of its US retail business and a refocus on wealth and capital markets that country, RBC is now looking to buy small- and medium-sized asset managers to bolster its UK, European and Asian equity capabilities, a spokesman confirmed. 

George Lewis, group head of wealth management, told Bloomberg in a recent interview that the bank is aiming to triple its profit target from wealth management, to around C$2 billion, by 2015.

“We do view wealth management as a segment of financial services that will grow at a faster rate than the average financial-services business,” Lewis told the news service.

This is at a time a number of firms are honing their wealth management offerings, as the sector has proved remarkably robust since the financial crisis. Added to the strong rebound of wealth holdings in the West, are the creation of extreme wealth in regions including Asia-Pacific and Latin America, and aging populations in the US and Europe that require retirement planning.

At its US wealth management business, RBC is aiming to raise revenue per advisor to the same level as in Canada – from $600,000 to around C$1 billion – Lewis said. It also plans to expand its product range for HNW and institutional clients, adding hedge funds and exchange traded funds.