Wealth management company Brewin Dolphin Holdings PLC (“RBC”) has been acquired by Royal Bank of Canada (“Brewin Dolphin”), the bank said today. Brewin Dolphin will continue to be run by CEO Robin Beer under the new name “RBC Brewin Dolphin,” as a subsidiary of RBC.
On a fully diluted basis, the purchase price of Brewin Dolphin is approximately C$2.4 billion (£1.6 billion)1, or 515 pence per share.
RBC Wealth Management is a renowned asset and wealth manager with a dominant market share in Canada and expanding influence in the United States. Brewin Dolphin has more than 2,100 employees, more than 30 regional offices, and a long history of offering outstanding service to private clients. With £58 billion in assets under management as of the end of August 2022, this acquisition will significantly transform both RBC Wealth Management and Brewin Dolphin, producing one of the biggest wealth managers in the UK, Channel Islands, and Ireland.
There won’t be any immediate changes to the services that each company provides as RBC Wealth Management International and RBC Brewin Dolphin will continue to run as separate companies until integration is finalized over the coming months. Until then, the respective leadership teams will collaborate closely to produce exceptional results for customers, staff members, and shareholders.
Doug Guzman, Group Head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said: “Bringing together these complementary teams will establish and secure RBC Wealth Management’s position as a leading wealth manager in the UK and Ireland, while also providing future growth opportunities in an attractive and consolidating market. This platform enhances our franchise’s global brand, scale and stability, as we strengthen our leading position across North America and now the UK. Most importantly, we are looking forward to bringing together two purpose-driven organizations with a shared commitment to doing what’s right for our clients, our communities and each other.”
Robin Beer, CEO, RBC Brewin Dolphin added: “Our strategy to become a leading advice-focused, digitally enabled wealth manager is set to be accelerated by becoming part of RBC. What doesn’t change is our focus on providing the exceptional advice and client focus that has been the foundation of our success and which made us of interest to RBC. In becoming RBC Brewin Dolphin we are combining two highly-regarded names and signalling our intention to further enhance our client proposition, and we are all incredibly excited about the future.”
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