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Monday, April 28, 2014

RBC wealth focuses on adviser growth, not acquisitions, (NYSE: RY), (TSE: RY.TO)

Royal Bank of Canada's wealth management division has firm targets for growth, aiming to add both advisers and assets every year, but Canada's biggest player in the high net worth arena is not looking at acquisitions as a source of growth. "In Canada, we have leading market share and we are not looking at any major acquisitions," David Agnew, chief executive at RBC Wealth Management Canada, told reporters on Monday."However, our strategy since 2005 has been looking for high-quality investment professionals who are looking for a firm to provide the best experience for their clients. So that has been our acquisition strategy -- one by one, high quality people."RBC said it has 19 percent of the market share in Canada's coveted high net worth segment, which serves clients who have more than C$1 million in investible assets, primarily in its RBC Dominion Securities full-service brokerage and RBC PH&N Investment Counsel units.Wealth management at Canada's biggest bank brought in C$1.5 billion ($1.36 billion) in revenue and C$235 million in profit in the first quarter of 2014, about 11 percent of the bank's profit. The wealth management unit has C$412 billion in assets under management.

Royal Bank of Canada is a Canada-based banking company. Shares of RY traded higher by 0.21% or $0.14/share to $65.75. In the past year, the shares have traded as low as $55.49 and as high as $68.89. On average, 440849 shares of RY exchange hands on a given day and today's volume is recorded at 211746.

Royal Bank of Canada is a Canada-based banking company. Shares of RY traded higher by 0.11% or $0.08/share to $72.49. In the past year, the shares have traded as low as $58.55 and as high as $73.69. On average, 1947200 shares of RY.TO exchange hands on a given day and today's volume is recorded at 872159.



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