Royal Bank of Canada's wealth management arm is looking to acquire Brewin Dolphin with a cash offer with an equity value of around £1.6bn at 515 pence per share.

Brewin Dolphin - a leading wealth manager in the UK and Ireland with assets under management of £59bn - has an "impressive" track record of growth and innovation, according to RBC, which said the UK is a key growth market for the bank.

Following the announcement on Thursday (31 March) morning, Brewin Dolphin's share price soared by over 60% to 512 as of 8:50am.

RBC also highlighted Brewin Dolphin's "longstanding record of delivering superior client service and robust performance".

Doug Guzman, group head of RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said: "The UK is a key growth market for RBC, and Brewin Dolphin provides us with an exceptional platform to significantly transform our wealth management business in the region, giving RBC Wealth Management a #3 market position in the UK and Ireland, in addition to being a market leader in Canada, with a growing position in the United States.

Brewin Dolphin attracts record fund inflows amid strong performance

"By combining two highly complementary businesses, we will increase the depth and breadth of our services and position the combined business as a premier integrated wealth management provider to private and institutional clients."

David Thomas, CEO of RBC Capital Markets Europe, noted how the acquisition is a "transformative" one for RBC Wealth Management.

Robin Beer (pictured), CEO of Brewin Dolphin, said: " As part of RBC we would be able to provide our clients with a broader range of products and services, and expand our distribution channels through leveraging RBC's global presence.

"We share complementary values which emphasize the importance of long-standing client relationships and an inclusive culture supportive of employees and local communities. Our focus will be on maintaining continuity, so that we build on what we have already achieved. I am looking forward to us working together to enhance our market position as a leading advice-focused, digitally enabled wealth manager."