Scorpio report places RBC Wealth Management as seventh largest wealth manager
Toronto and London, July 12, 2010 – RBC Wealth Management, part of Royal Bank of Canada (RY on TSX and NYSE), has been recognized as one of the world’s top 10 largest wealth managers in Scorpio Partnership’s Global Private Banking KPI Benchmark 2010, an annual survey of the global wealth industry.
This marks the first time RBC has been recognized in the Scorpio review, debuting in seventh place among almost 230 wealth management institutions, based on the $379 billion of client assets Scorpio considered under its review process. The Global Top 10 are recognized as controlling 64 per cent of the current industry market share.
Commenting on the recognition, George Lewis, Group Head of RBC Wealth Management, said: “Our position in the Top 10 wealth managers reflects our rapidly expanding global footprint and our commitment to delivering high quality, client-centric integrated wealth management solutions and advice. We have attracted significant inflows over the last two years in the wake of the financial crisis, as clients have continued to find comfort in the strength and stability of RBC – the world’s 12th largest bank by market capitalization. In 2009, RBC Wealth Management was able to gain market share, add a significant number of new clients and recruit exceptional talent to our diverse businesses, and we look to continue growing our global franchise through 2010 and beyond.”
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Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC. We are Canada’s largest bank as measured by assets and market capitalization, one of North America’s leading diversified financial services companies and among the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial service companies, provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ approximately 77,000 full- and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 52 other countries. For more information, please visit www.rbc.com.
About RBC Wealth Management
The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through more than 30 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. For more information, please visit www.rbcwminternational.com.
RBC Wealth Management, a segment of RBC, directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia with a full suite of investment, trust and other wealth management solutions. The business also provides asset management products and services directly, through its RBC Global Asset Management division, and through RBC and third-party distributors to institutional and individual clients. RBC Wealth Management has more than C$490 billion of assets under administration, nearly C$240 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.