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WealthManagement10

RBC Eyes Global & Organic Growth

Monday, November 01, 2010 - 05:12

After a series of acquisitions secured the company through the financial crisis, Group Head of RBC Wealth Management George Lewis says organic growth is the way forward.

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on around the world won his wealth management. But the other -- capital markets and that is a business that we look to for very high quality solutions to provide more wealth management clients. So a stability Canadian roots. And at the same time global focus both the capital markets and -- business. the fact they don't really have an appetite to get into bidding wars for certain talent. How to attract that talent. You're gonna need to grow organically and -- national. money. And so it's very good complement to our capital intensive business capital markets . with the strength of corporate earnings strength of cash flows the low interest rate environment of low inflation environment. The clients are gradually coming back -- markets Dershowitz thanks so much time thanks very much. They get bigger and so -- the smaller RBC wealth management is a top ten wealth manager globally. Acquisitions have enabled it to challenge the top tier firms George Lewis group had a wealth management joins me today thanks so much for your time thanks. Are ceasing to be -- digestion. Mode if you will after Uday a couple of other deals and purchases. We'll slowdown now have a negative effect in years to come in terms of the bottom line. We have very strong organic growth opportunities ahead of us -- In fact of -- acquisition we're very pleased about it is yet to close so we're very much looking forward to joining forces with such high quality. And great cultural cultural fit firm. This came on the heels just two years ago or acquisition Phillips Hager and north. Which established her dominance of the Canadian asset management business. Now with our. New partnership with -- day. We've taken a big step to establishing ourselves as a global asset manager and that really complements the fact that we are already a top ten. Global wealth venture we were ranked number seven this year scorpio. And we feel now the combination of having -- Very significant asset management presence globally and a very large presence in wealth management. Canada the US the UK and emerging markets. We'll deliver very strong growth and here's that. And asking about that global focus international expansion you -- out Tuesday. Up front center areas like Hong Kong and Singapore. Here doesn't have the scale a reputation as some of the other larger firms how do you compete. Effectively without -- case. What the first. Differentiator we have is to strengthen the quality of our people we have over 111000. People at RBC wealth management around the world. Be taken very holistic approach toward clients' needs. So offering a full breadth of -- wealth management solutions. So not just meeting with investments or banking or credit or trust but combining all of them. We're in terms of our key differentiators we are one of -- world's largest providers of trust solutions are very unique capability that we have. In other important strength that we have it is that are BC we have to. Global businesses that were focused on around the world won his wealth management. But the other -- capital markets and that is a business that we look to for very high quality solutions to provide more wealth management clients. So a strong global partner. The quality of our people and finally the strength and stability of RBC. As a Canadian based financial institution with a triple -- balance sheet. You may know -- has been ranked number one for safety and soundness by the World Economic Forum. We're finding clients are really and advisers for that matter are really attractive combination of strength and stability Canadian roots. And at the same time global focus both the capital markets and -- business. How about recruiting it's seen that the writers wealth management summit -- the fact they don't really have an appetite to get into bidding wars for certain talent. How to attract that talent. You're gonna need to grow organically and -- national. Well the first question we like to hear from advisers who -- there and join our firm. And it's a question we hear from our people that we have. It's why will why is RBC the right choice for my client and were able to offer very compelling story what you just related strains of why. It makes sense for clients and advisors to be with RBC. And so we -- very focused on the quality of our people. Obviously we're globally significant but we feel quality is much more important quantity. You had trail in assets under management. Compared some larger firms the firms could you possibly be an acquisition target. The wealth management business well it's a very valuable business from an RBC perspective. But also it's a business where we intend to grow from an RBC perspective. One of the advantages of the business is that it's. Not very capital intensive that we make money when her clients make money. And so it's very good complement to our capital intensive business capital markets . Well let me ask the clients making money because we know that there are very risk adverse still after the financial crisis are you seeing signs that they're willing to. And cash deposits said. Bonds and some hired and have seen evidence of that and our recommendation in terms of for a balanced portfolio has been overweight. Equities. And I think clients. Have experienced a recovery in asset values we're beginning to see. Greater. Awareness on the part of clients of the need for income and growth. And we think with the strength of corporate earnings strength of cash flows the low interest rate environment of low inflation environment. The clients are gradually coming back -- markets Dershowitz thanks so much time thanks very much. I'm Rhonda schaffler this this --

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RBC Eyes Global & Organic Growth

Monday, November 01, 2010 - 05:12