Royal Bank of Canada's (RBC) wealth management arm has completed the acquisition of Brewin Dolphin for £1.6bn.
Brewin Dolphin will now operate as RBC Brewin Dolphin and will continue to be led by its current chief executive Robin Beer, according to RBC.
The "transformative acquisition," which was first announced by RBC in March this year, will create one of the largest wealth managers in the UK Channel Islands and Ireland with £58bn assets under management as of 31 August 2022.
RBC Wealth Management International and Brewin Dolphin will continue to operate as separate businesses until integration over the coming months, with no immediate changes to the propositions that each business offers on day one, according to RBC.
Performance losses of £4.7bn drag Brewin Dolphin AUM down 8%
RBC Wealth Management is a global wealth and asset manager with market leadership in Canada, and a "growing position" in the United States, with 4,800 financial consultants, advisers, private bankers, and trust officers. Brewin Dolphin has more than 30 regional offices and more than 2,100 employees.
RBC Wealth Management group head Doug Guzman 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 is right for our clients, our communities and each other."
RBC Wealth Management International chief executive David Thomas said: "We are delighted to complete the acquisition of Brewin Dolphin and excited to welcome its clients and talented colleagues to RBC. Brewin Dolphin brings outstanding experience, and an impressive track record of growth, innovation and investment performance.
"Our shared client-centric culture and values have really shone through over the past few months, and we look forward to developing this further, increasing the depth and breadth of our offering to clients and intermediaries."
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 does not 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."
