Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Industry Spotlight > Women in Wealth

RBC Wealth Management Posts Strong Q3 Results

X
Your article was successfully shared with the contacts you provided.

Royal Bank of Canada released third-quarter earnings Thursday, Aug. 26, reporting strong results in its wealth management division.

The wealth management division reported net income of $174 million, up 10% from last year. Income increased $89 million over last quarter.

Several factors affected the increase, primarily a favorable accounting impact related to foreign currency translation on some available-for-sale securities. A favorable income tax adjustment and higher average fee-based assets also contributed to the rise in income.

Earlier this year, RBC Wealth Management launched a new custodian business, RBC Advisor Services, as part of the division’s ongoing expansion in the United States.

In July, RBC Wealth Management was ranked one of the world’s top 10 largest wealth managers by Scorpio Partnership‘s Global Private Banking KPI Benchmark 2010.

“We are pleased to be recognized as the 7th largest global wealth manager in an independent survey, reflecting both our comprehensive offering of investment management solutions and our global reach,” Gordon M. Nixon, RBC president and CEO, said in a press release. “We continue to leverage our market leadership position in Canada while continuing to invest and grow our presence internationally.”

The insurance division also posted strong results. While falling 8% from last year, earnings rose $43 million since the second quarter to $144 million.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.