RBC Wealth Management is this year celebrating 50 years in Jersey, making it one of the first foreign financial institutions to reach a half century of serving clients on the Island. A special programme of activities and events involving employees, intermediaries, clients and the local community is planned throughout the year to mark the anniversary.
Royal Trust Company of Canada – later acquired by Royal Bank of Canada in 1993 – was among the first foreign financial institutions to set up in Jersey when it opened its David Place office in September 1962. Opening just a year after the establishment of Jersey’s modern financial services industry, the company originally had just four members of staff. 50 years later and on the back of strong organic growth as well as a number of acquisitions – including Ernst & Young’s Jersey trust business, Abacus Financial Services and Mourant Private Wealth – today RBC Wealth Management is one of the largest employers on the Island. With over 900 Jersey employees RBC Wealth Management provides banking, tax, trust and fiduciary, investment management, custody, and corporate employee and executive services from its three offices in St. Helier’s Bath Street, La Motte Chambers and Broad Street.
A number of celebratory events are planned, including a staff party on Canada Day in July and a reception for intermediaries in September. A booklet celebrating the company’s 50 years on the Island is also due to be published which will include interviews with long-standing staff members, including employee Kevin Stevens, who first joined the company in 1965. The anniversary will also form part of RBC Wealth Management’s regular community activity, including its sponsorship of the Jersey Swimarathon, charitable giving, and employee volunteer activities, all of which engage over 30 per cent of staff each year. In addition, a specially-commissioned logo marking the anniversary will feature on stationery and advertisements.
Commenting on the milestone, Paul Patterson, Head of Global Trust, RBC Wealth Management said, “As one of the largest employers in Jersey today, RBC Wealth Management has truly become part of the fabric of the Island. We are proud of the contribution that our company and its employees have made to the Island’s economy and community over the past 50 years, in particular our active programme of employee volunteering. We remain as committed as ever to growing our business in Jersey and look forward to building on half a century of success on the Island.”
RBC Wealth Management’s Jersey office has already been sharing in award success in its anniversary year. RBC Wealth Management’s Trust and Fiduciary Services business recently featured in Private Client Practitioner’s list of the Top 25 Most Admired Companies, won the award for Top UK Offshore Trust Company of the Year at the Citywealth Awards, and last week was ranked number one for Trust Services in Jersey in the Euromoney Private Banking and Wealth Management Survey.
Notes to editors: RBC Wealth Management’s history in Jersey
1962 – Royal Trust Company of Canada opened in David Place, St. Helier with just four staff
1985 – Acquired Arbuthnot Fund Managers, taking on 10 additional staff
1990 – Move to Broad Street offices still occupied by RBC Wealth Management today
1993 – Royal Trust is acquired by Royal Bank of Canada
1999 – RBC acquires Coutts’s Offshore European Corporate and Institutional Trust and Fiduciary Business
2000 – RBC acquires Ernst & Young’s Jersey trust business, doubling in size to 600 people and gaining its Bath Street office
2005 – RBC acquires Abacus Financial Services, together with the La Motte Chambers office
2009 – RBC acquires Mourant Private Wealth
2012 – RBC celebrates 50 years in Jersey with just over 900 staff
For more information, please contact:
Paul French, Communications, RBC Wealth Management, +44 (0)20 7002 2013
Timi Oni, Communications, RBC Wealth Management +44 (0)207 653 4516
About RBC Wealth Management
RBC Wealth Management is one of the world’s top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billion of assets under administration, more than C$305 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are one of Canada’s largest banks as measured by assets and market capitalization, and are among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 74,000 full- and part-time employees who serve close to 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 56 other countries.
For more information, please visit rbc.com.