Royal Bank of Canada is looking to make an acquisition in the fragmented European wealth management marketplace.
According to David McFadzean, Director of Manager Research, RBC Wealth Management: “Acquisitions are part of our strategy but they are impossible to call within a time frame.”
In an industry where the largest player only holds 3% of the market share, wealth management looks set to experience consolidation during the next two years.
Market sources and recent history make it clear that a major acquisition by RBC seems imminent. With $500 billion in assets under administration, more than $240 billion in assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers, RBC is well placed to make the most of market conditions.