Who we are
RBC Wealth Management provides trusted advice and wealth management solutions to individuals, families and institutions. A truly global organisation, the business has a presence in key global financial centres, offering clients access to a comprehensive suite of investment, trust, banking, credit and other wealth management solutions. The business also provides asset management products and services directly, and through RBC and third-party distributors to institutional and individual clients through its RBC Global Asset Management business. Recognised as the fifth largest wealth manager in the world according to Scorpio Partnership’s Global Private Banking KPI Benchmark 2015, RBC Wealth Management has more than C$739 billion of assets under administration, and more than C$540 billion of assets under management, and over 4,300 financial consultants, advisers, relationship managers and trust officers.
RBC has operated in the British Isles for around a century, since Royal Bank first opened the doors of its London branch in September 1910. Manned initially by a mere four employees, the employee base had reached 100 by the late 1920s. In 1965, Royal Bank acquired the Montreal Trust Company in London and, five years later, joined a consortium of five of the world’s largest banks to form Orion Bank, which it purchased outright in 1981. The 1960s were also a key stage in RBC’s growth in that they saw the advent of its now significant presence in the Channel Islands. Royal Bank opened its first orthodox British banking operation in 1979, following the acquisition of Western Savings and Trust.
By 1980, London had become Royal Bank’s headquarters for the United Kingdom, Ireland, Scandinavia, the Middle East and Africa and went on to become its European headquarters in 1984. Today, RBC has a thriving wealth management operation in London, with over 250 employees. RBC’s presence in the British Isles is further strengthened by RBC Corporate Employee and Executive Services (RBC cees), which operates out of Edinburgh with an employee base of over 60. Furthermore, the RBC International Wealth Planning team in London provides onshore tax consultancy services to high net worth clients.
In September 2011, RBC Wealth Management’s UK operation moved to new state-of-the-art offices in the heart of the City of London. RBC currently employs around 2,000 people in the City of London and approximately 1,000 people in Jersey and Guernsey.
What we do
Our investment philosophy is based on four main pillars:
1. Long-term strategic asset allocation: Selecting an appropriate long-term investment strategy is the first step in wealth planning, with the risk/return level depending on a client’s objectives and appetite for volatility. Strategic asset allocation is expected to deliver 70% of a portfolio’s long-term return, so we take a disciplined, robust approach that provides a strong core for client portfolios.
2. Risk budgeting and diversification: Our long-standing principle of prudence and discipline has made us one of the strongest banks in the world and we manage client portfolios with the same discipline and care. When we construct portfolios we pay close attention to how we define the level of risk that we take in order to maximise potential returns, while risk is managed with strict processes and tools, as well as effective diversification to avoid taking unnecessary risk.
3. Disciplined rebalancing: Rebalancing is an active and ongoing process that keeps client portfolios aligned with their strategies. Investment decisions are driven by developments in the market and are taken by our British Isles Investment Committee.
4. Tactical asset allocation: We have investment specialists across the all major financial markets and access to top independent research, bringing a powerful combination of understanding and insight to drive client portfolios. Financial markets are not static, therefore we make active shifts in our portfolios to adapt to changes in market and economic conditions.