LONDON, UK: RBC Wealth Management (Jersey) Holdings, a subsidiary of Royal Bank of Canada (RBC), has made a recommended all money offer to purchase Brewin Dolphin Holdings. Under the phrases of the acquisition, Brewin Dolphin shareholders will be entitled to obtain 515 pence for every Brewin Dolphin Share. The acquisition values the entire issued and to be issued share capital of Brewin Dolphin at roughly £1.6 billion.
Royal Bank of Canada (RBC) is strategically focused on evaluating alternatives to develop its wealth administration operations in its core markets namely Canada, the United States and Europe.
The acquisition of Brewin Dolphin represents an thrilling strategic alternative for RBC to mix RBC WMI, its existing wealth enterprise inside the UK and the Channel Islands, with Brewin Dolphin to create a market chief with, on a pro-forma basis, £64 billion of assets under administration (“AuM”), a mixed annual income of £545 million for FY2021 and roughly 600 client facing professionals as at 31 December 2021.
The Acquisition is transformational to RBC WMI inside the UK, Ireland and Channel Islands and establishes an attractive platform for additional growth. Following the Acquisition RBC Wealth Management (“RBC WM”) will have a management place inside the UK and North America.
RBC extremely values Brewin Dolphin’s place as a market main recommendation focussed wealth supervisor inside the UK and Ireland with a longstanding record of delivering superior client service.
RBC is additionally attracted to Brewin Dolphin’s place inside the broader UK wealth sector as one of many foremost asset gatherers in a secular growth and consolidating market and its robust funding performance. RBC will mix the strengths of RBC and Brewin Dolphin, present additional funding and leverage its global capabilities and banking experience to increase the vary of merchandise and services available to meet clients’ wants at any level of their lives from bespoke to digitally-enabled service delivery.
RBC is assured that the excellent strategic match is supported by complementary client-centric cultures and aligned values that will create an enhanced platform delivering advantages from elevated scale and accelerated growth alternatives to all stakeholders. Both companies place a strong emphasis on integrity and behaviours which support a good organisational culture. The application of those cultural attributes will be key to the continued enhancement of the client and worker propositions.
Commenting on the Acquisition, Doug Guzman, Group Head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said: “The UK is a key growth marketplace for RBC, and Brewin Dolphin provides us with an distinctive platform to considerably transform our wealth administration enterprise inside the region, giving RBC Wealth Management a #3 market place inside the UK and Ireland, along with being a market chief in Canada, with a rising place inside the United States. By combining two extremely complementary businesses, we will increase the depth and breadth of our services and place the mixed enterprise as a premier built-in wealth administration supplier to private and institutional clients.
Both administration groups are excited by a shared imaginative and prescient of excessive high quality client service, client-centric tradition and the distinctive growth alternatives that we can ship together. We look to proceed investing inside the mixed enterprise and take it to greater heights. We are assured that this Acquisition will ship advantages to our mixed clients, employees and stakeholders.”
Commenting on the Acquisition, David Thomas, CEO, RBC Capital Markets Europe and Head, Wealth Management International, said: “This is a transformative acquisition for RBC Wealth Management and cements RBC’s place as a market chief throughout a number of enterprise platforms inside the UK, the Channel Islands and Europe. We look ahead to welcoming Brewin Dolphin’s employees and clients and dealing collectively to leverage RBC’s global attain and significant capabilities to create new alternatives for the mixed enterprise to grow.”
Commenting on the Acquisition, Robin Beer, Chief Executive Officer of Brewin Dolphin, said: “The Brewin Dolphin Board is happy to recommend the offer by RBC inside the pursuits of our shareholders, our clients, our people and our enterprise partners. Building on the strong natural growth that we have achieved to date, the mixed enterprise will create an attractive platform for future growth. As a half of RBC we would be able to present our clients with a broader vary of merchandise and services, and expand our distribution channels through leveraging RBC’s global presence. We share complementary values which emphasise the significance of long-standing client relationships and an inclusive tradition supportive of employees and native communities. Our focus will be on sustaining continuity, in order that we construct on what we have already achieved. I am looking ahead to us working collectively to improve our market place as a number one advice-focused, digitally enabled wealth manager.”
www.rbcroyalbank.com