RBC Financial and National Bank are considering growing their asset-management businesses by acquisition or organically, according to company executives.
Speaking at a CIBC World Markets investor conference in Montreal, George Lewis, RBC’s group head of wealth management, said the bank wants to expand its asset-management business both at home and abroad.
He wants to expand outside of Canada and take advantage of the current market turmoil by aggressively hiring advisors from competitors.
Meanwhile, National Bank chief executive Louis Vachon said there could be other deals the bank might be interested in pursuing.
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On Monday, National agreed to buy a 12.5% interest in Wellington West for $35.8 million.
He added that the bank would be well-positioned to buy the rest of Wellington West should it become available for sale.