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London
RBC buys Brewin: Brewin Dolphin will become the second British wealth manager to be snapped up by a North American buyer in the past year, following Raymond James’s acquisition of Charles Stanley last July, says Joshua Oliver in the Financial Times. The Royal Bank of Canada (RBC) will pay £1.6bn, or 515p per share, in an all-cash offer, which represents a 62% premium to its closing price last week. The bank said it would combine Brewin with its existing UK wealth business, managing around £64bn, and making it into the third-largest manager in Britain.
The purchase comes in the midst of a “wave of consolidation” in Britain’s £1.8trn wealth-management sector as smaller players seek to combine with other firms due to mounting costs. Brewin Dolphin manages roughly £55bn for about 80,000 individuals, charities and pensions in the UK
