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RBC’s bid follows deals by TD to acquire First-Horizon Corp and Bank of Montreal’s purchase of Bank of the West, both in the United States.
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225, dismissed the application and awarded Fraser solicitor-client costs of the application. Earnings of 378 million were up a strong 21 year over year by strong mutual fund fees and brokerage revenues offset by higher volume-related expenses.
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The Federal Court of Canada, Trial Division, in a decision reported at 186 F.T.R. Its wealth management unit accounted for about 28% of total revenues in its first fiscal quarter, although the bulk of that came from Canada and the United States.Ĭanada’s Big Six banks, which hold about 90% market share at home, have been expanding outside their home markets. The adjudicator awarded her compensation and solicitor-client costs. RBC Chief Executive Dave McKay had said on its latest earnings call in February the bank was in “active dialogues” related to its search for commercial and wealth businesses in the United States and Europe. It is higher than the 2.4% of AUM that rival Bank of Nova Scotia paid for Jarislowsky Fraser and the 2.2% that Toronto-Dominion Bank paid for Greystone Capital Management, both in 2018, said Kingwest & Co Portfolio Manager Anthony Visano.īut demand for such businesses has also increased recently, with banks and asset managers snapping up wealth management firms and direct investing platforms, using economies of scale to cut costs. The premium “demonstrates the attractiveness of the UK wealth market, with long-term, stable income streams and the potential for growth and higher operating margins”, Jefferies analysts wrote in a note.
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Royal Bank shares slipped 0.1%, compared with a 0.4% gain in the Toronto stock benchmark.īrewin Dolphin directors have unanimously backed the deal, which is expected to complete at the end of the third quarter, RBC said. 28.īrewin’s shares hit a record high of 511 pence at 1445 GMT, doubling from their lowest in more than a year reached earlier this month. RBC is offering Brewin shareholders 515 pence per share, compared with Wednesday’s closing price of 318 pence, valuing the firm at 2.8% of its 55 billion pounds in assets under management (AUM) as of Feb. The UK is a key growth market, and the combination would make RBC Wealth Management the No.3 wealth manager in Britain and Ireland, Canada’s biggest bank said. Home Supervisor: The Office of the Superintendent of Financial Institutions. Financial Services Regulator: The Cayman Islands Monetary Authority. The bid, representing a 62% premium to Wednesday’s closing price, sent the target’s shares surging 61%. / The Bank of Nova Scotia (Cayman Branch), 18 Forum Lane, Camana Bay, Grand Cayman. LONDON (Reuters) -Royal Bank of Canada became the latest Canadian lender to expand overseas with a 1.6 billion pound ($2.1 billion) all-cash offer for U.K.-based wealth manager Brewin Dolphin on Thursday.