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RBC closes Mourant Private Wealth acquisition

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Royal Bank of Canada has completed the acquisition of Mourant Private Wealth, an international private client trust business with operations in Jersey, Dubai and Cayman, from the Mouran

Royal Bank of Canada has completed the acquisition of Mourant Private Wealth, an international private client trust business with operations in Jersey, Dubai and Cayman, from the Mourant group, which includes offshore law firm Mourant du Feu & Jeune.

The deal closed after receiving regulatory approval. Terms of the transaction were not disclosed.

The acquisition of Mourant Private Wealth means that RBC Wealth Management now employs over 1,000 people in Jersey, making RBC Wealth Management one of the largest financial services employers in the jurisdiction.

In addition, RBC Wealth Management employs over 300 people in Guernsey and a further 200 people in London, Cheltenham and Edinburgh.

The acquisition of Mourant Private Wealth has added more than GBP3.5bn in assets under administration to RBC Wealth Management, bringing the firm’s wealth management assets under administration in the British Isles to more than GBP66.5bn and more than GBP260bn on a global basis. It has nearly 800 trust professionals.

Paul Patterson, head of RBC Wealth Management in the British Isles, says: ‘Our latest acquisition and on-going client-facing staff hiring programme demonstrates RBC’s commitment to developing our British Isles wealth platform. We are always looking for quality teams or for small acquisitions to add to the business.

‘This transaction advances our long-term strategy to build further on our core business of providing integrated global wealth management services and solutions to international clients by hiring experienced professionals with strong client relationships.’

Steve Romeril, RBC Wealth Management’s head of trust in the British Isles, adds: ‘The latest deal cements a 45-year working relationship between RBC Wealth Management and Mourant and will give clients of Mourant Private Wealth access to RBC’s global network and international wealth management expertise.’

The Mourant acquisition is the third Channel Islands-based trust business bought by RBC Wealth Management this decade, following the purchase of Ernst & Young’s Jersey and Guernsey trust businesses in 2000 and Abacus Financial Services Group in 2005.

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