The completion of the £1.6bn ($1.7bn, €1.8bn) acquisition of Brewin Dolphin by the Jersey wealth arm of Royal Bank of Canada has triggered the resignation of all but two of its board members.
With immediate effect, Brewin chief executive Robin Beer and chief investment officer Siobhan Boylan will be joined by David Thomas, chief executive of RBC Wealth Management International; Peter Dixon, chief financial officer at RBC Europe; Ayesha Patel, chief operating officer at RBC Capital Markets Europe; and David Bailey, chief operating officer at RBC Wealth Management International.
RBC Wealth Management International and RBC Brewin Dolphin will continue to operate as separate businesses, with integration planned over the coming months. There will be no immediate changes to the propositions that each business offers.
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 organisations with a shared commitment to doing what’s right for our clients, our communities and each other.”
Beer 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.”
