RBC bolsters wealth management offering with Brewin Dolphin acquisition

The Royal Bank of Canada (RBC) is to acquire UK-based wealth management firm Brewin Dolphin.

Brewin Dolphin is a provider of discretionary wealth management services in the UK and Ireland, with a network of more than 30 offices and assets under management of £59bn (as of December 31, 2021).

RBC Wealth Management Holdings Limited, a wholly owned subsidiary of RBC, has published a Rule 2.7 announcement in the UK under the City Code on Takeovers and Mergers, announcing its recommended cash offer for the entire issued and to be issued share capital of Brewin Dolphin for £5.15 per share, implying an equity value of approximately £1.6bn on a fully diluted basis.

Doug Guzman, group head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said, “The UK is a key growth market for RBC, and Brewin Dolphin provides us with an exceptional platform to significantly transform our wealth management business in the region, giving RBC Wealth Management a # 3 market position in the UK and Ireland, in addition to being a market leader in Canada, with a growing position in the United States.

“By combining two highly complementary businesses, we will increase the depth and breadth of our services and position the combined business as a premier integrated wealth management provider to private and institutional clients.”

The acquisition is subject to a number of customary conditions, including regulatory approvals and Brewin Dolphin shareholder approval. Completion is expected by the end of Q3 2022.

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