RBC Not Interested In M&A, Wealth Management Chief Says

Tuesday, July 05, 2011 18:45
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RBC Not Interested In M&A, Wealth Management Chief Says

Tags: M&A

Strike another rumored buyer from the M&A pool. RBC Capital Markets has stopped making "transformational" deals and so will probably not bid for Morgan Keegan, Securities America, or anyone else.

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RBC's wealth management unit is known for its well-capitalized silent parent, the Royal Bank of Canada.

 

But despite that kind of backing, CEO John Taft says he's switched to recruiting high-end advisors and making sure the ones he has can work more effectively.

 

He's not competing with the Morgan Stanleys of the world, but with the white-glove ultra-high-net-worth operations like Northern Trust and Bessemer Trust.

 

As a result, he says he has no interest in the kind of M&A that originally turned the unit into a $220 billion powerhouse with continent-spanning reach.

 

And that means we can all cross off a potential buyer for the broker-dealers that are currently out there for sale.

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