Royal Bank of Canada has bought Brewin Dolphin Holdings PLC with the newly acquired company operating under the brand ‘RBC Brewin Dolphin’.
CEO Robin Beer will continue to lead the firm which is now recognised as one of the largest wealth managers in the UK, Channel Islands and Ireland with £58 billion assets under management as at 31 August 2022.
RBC Wealth Management International and RBC Brewin Dolphin will continue to operate as separate businesses until integration over the coming months, with no immediate changes to the propositions that each business offers on day one.
The respective leadership teams will now work closely together to deliver exceptional outcomes for clients, employees and shareholders.
Doug Guzman, Group Head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said: “Bringing together these complementary teams will establish and secure RBC Wealth Management’s position as a leading wealth manager in the UK and Ireland, while also providing future growth opportunities in an attractive and consolidating market. This platform enhances our franchise's global brand, scale and stability, as we strengthen our leading position across North America and now the UK. Most importantly, we are looking forward to bringing together two purpose-driven organizations with a shared commitment to doing what’s right for our clients, our communities and each other.”
David Thomas, CEO, RBC Wealth Management International said: “We are delighted to complete the acquisition of Brewin Dolphin and excited to welcome its clients and talented colleagues to RBC. Brewin Dolphin brings outstanding experience, and an impressive track record of growth, innovation and investment performance. Our shared client-centric culture and values have really shone through over the past few months, and we look forward to developing this further, increasing the depth and breadth of our offering to clients and intermediaries.”
Robin Beer, CEO, RBC Brewin Dolphin added: “Our strategy to become a leading advice-focused, digitally enabled wealth manager is set to be accelerated by becoming part of RBC. What doesn’t change is our focus on providing the exceptional advice and client focus that has been the foundation of our success and which made us of interest to RBC. In becoming RBC Brewin Dolphin we are combining two highly-regarded names and signaling our intention to further enhance our client proposition, and we are all incredibly excited about the future.”
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