RBC’s global asset-management business underpins its wealth-management offering, and its already dominant position in the Canadian market is increasingly being complemented by a strong showing in the US, as well as other regions around the world.
RBC Wealth Management operates through four linked divisions: RBC Dominion Securities, RBC Private Banking, RBC Royal Trust and RBC Phillips, Hager & North Investment Counsel.
In total, the wealth-management franchise has more than C$1.4 trillion ($1 trillion) of assets under administration globally and more than C$1 trillion of assets under management. Its global asset-management business ranks as the biggest Canada-based asset manager, with some C$561 billion in client assets under management around the world – which also puts it in the top 50 global asset managers by that measure.
It is this kind of strength that has given the firm the confidence and resources to take strategic steps like the acquisition of UK-based wealth manager Brewin Dolphin in late 2022.