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Finance & Economics

Royal Bank of Canada to acquire one of the UK’s largest wealth managers

Apr 04, 2022

The transaction is expected to be completed by end of Q3 2022

royal bank of canada

Royal Bank of Canada to acquire one of the UK’s largest wealth managers. Source: depositphotos.com

Royal Bank of Canada has announced the acquisition of UK-based Brewin Dolphin for approximately ￡1.6 billion on a fully diluted basis.

Brewin Dolphin is one of the UK’s leading independent providers of discretionary wealth management in the UK and Ireland. It has a network of over 30 offices and Assets under Management of ￡59 billion as of December 31, 2021.

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
Doug Guzman, Group Head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services

The acquisition is anticipated to result in a ~40 bps reduction in RBC’s Common Equity Tier 1 (“CET1”) ratio at the Effective Date. RBC believes that the acquisition will result in an adjusted EPS accretion for RBC of ~1% in the first year following the Effective Date excluding the benefit of future revenue synergies.

Over the medium-term RBC believes that the combined wealth management business in the UK, Ireland and the Channel Islands can generate a revenue CAGR of ~9% and achieve adjusted profit before tax of ~C$0.5 billion including the benefit of cost and revenue synergies.

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