The completion of the £1.6bn acquisition of Brewin Dolphin by the Jersey wealth arm of Royal Bank of Canada has triggered the resignation of all but two of its board members.
With immediate effect, the Brewin board will consist of CEO Robin Beer (pictured) and CIO Siobhan Boylan alongside David Thomas, CEO RBC Wealth Management International; Peter Dixon, CFO RBC Europe; Ayesha Patel, COO RBC Capital Markets Europe; and David Bailey, COO RBC Wealth Management International.
The names of those tendering their resignations were not provided, but the Brewin website lists chairman Toby Strauss, senior independent director Ian Dewar and non-executive directors Caroline Taylor, Michael Kellard, Phillip Monks, Charlie Ferry, Pars Purewal and Joanna Hall as members of the board of directors.
RBC Wealth Management International and RBC Brewin Dolphin will continue to operate as separate businesses, with integration planned over the coming months. There will be no immediate changes to the propositions that each business offers.
Doug Guzman, group head, RBC Wealth Management, RBC Insurance and RBC Investor & Treasury Services, said: “Bringing together these complementary teams will establish and secure RBC Wealth Management’s position as a leading wealth manager in the UK and Ireland, while also providing future growth opportunities in an attractive and consolidating market.
“This platform enhances our franchise’s global brand, scale and stability, as we strengthen our leading position across North America and now the UK. Most importantly, we are looking forward to bringing together two purpose-driven organisations with a shared commitment to doing what’s right for our clients, our communities and each other.”
RBC Brewin Dolphin CEO Beer added: “Our strategy to become a leading advice-focused, digitally enabled wealth manager is set to be accelerated by becoming part of RBC. What doesn’t change is our focus on providing the exceptional advice and client focus that has been the foundation of our success and which made us of interest to RBC.
“In becoming RBC Brewin Dolphin we are combining two highly-regarded names and signalling our intention to further enhance our client proposition, and we are all incredibly excited about the future.”
The period after an acquisition is announced is always unsettled, as clients weigh up whether the time is right to make a move. The uncertain market backdrop has been little help, with Brewin’s funds under management dropping 8.2% in its financial third quarter ending 30 June. It marked a sharp turnaround from the £1bn in inflows it reported back in May.