RBC seeks acquisitions in UK wealth management

ROYAL Bank of Canada is looking to acquire wealth management businesses in the UK as part of a global expansion of its private banking arm, the head of advisory at its UK wealth unit said yesterday.<br /><br />A new deal would mark a continuation of an aggressive buying spree by the Canadian group&rsquo;s RBC Wealth Management unit.<br /><br />&ldquo;We definitely want to look at a transaction... We would look for something UK focused as we have now started to build our onshore UK business but we are also interested in the UK offshore space,&rdquo; Phil Cutts, head of advisory for the British Isles at RBC Wealth Management said.<br /><br />RBC has emerged from the financial crisis with a robust balance sheet and did not accept any state aid, leaving it able to take advantage of a rush to sell assets by rivals, Cutts said.<br /><br />Last month RBC said it had reached a deal to buy JPMorgan Chase&rsquo;s investment adviser servicing business.