Royal Bank of Canada completes acquisition of Brewin Dolphin
Royal Bank of Canada has announced that it has completed the acquisition of Brewin Dolphin Holdings PLC. Brewin Dolphin will now operate as ‘RBC Brewin Dolphin’, as part of RBC, and will continue to be led by CEO, Robin Beer.
Brewin Dolphin has been acquired for final consideration of approximately CAD2.4 billion (GBP1.6bn) on a fully diluted basis, which equates to 515 pence per share.
RBC Wealth Management is a global wealth and asset manager with market leadership in Canada, and a growing position in the United States. Brewin Dolphin has more than 30 regional offices, over 2,100 employees and a long history of providing service to private clients. The firm writes that this is a transformative acquisition for both RBC Wealth Management and Brewin Dolphin, creating one of the largest wealth managers in the UK, Channel Islands and Ireland with GBP58 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, says: “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 says: “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 says: “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 signalling our intention to further enhance our client proposition, and we are all incredibly excited about the future.”