RBC Aggregates Wealth Businesses into One Segment

Stephen Harris

8 February 2007

RBC has created a new wealth management business segment consisting of businesses that already serve the wealth management needs of affluent and high net worth clients globally, and businesses that provide asset management and trust products. The new segment will encase Canada-based RBC Dominion Securities, RBC Asset Management and RBC's trust services and discretionary investment management services along with RBC Dain Rauscher in the US and Royal Bank of Canada Global Private Banking. RBC's wealth management segment will be led by George Lewis, previously head of RBC's Canadian Wealth Management business line, who will join RBC's group executive immediately. Last October RBC’s wealth management business had approximately $475 billion of client assets under administration, $140 billion of assets under management, and 3,000 financial advisors. The Canadian bank’s capital markets segment will be a key partner of the wealth management segment since its products and services are increasingly in demand by advisors to high net worth clients, it said in a statement. "We believe that global demand for wealth management products and services will continue to increase as global economies develop and populations mature," said Gordon Nixon, RBC president and chief executive officer. "RBC is very well positioned to generate high quality revenue and earnings growth from this demand and we intend to grow this segment of our business aggressively over the next several years."