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Royal Bank of Canada expects to gain more market share in the UK wealth management industry in the coming years, with its technology capabilities key to attracting customers.

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Canada’s largest bank recently completed its £1.6 billion acquisition of Brewin Dolphin Holdings Plc, boosting its wealth management business to third in the UK and Ireland. Still, the industry in the UK remains “very fragmented” with “a lot of market share to gain”, said Doug Guzman, head of wealth management, insurance and investment and treasury business at the Royal Bank.

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“British business is only halfway down the road to modernization that is North America,” Guzman said in an interview last week. “There is still a lot of work to be done on digital, there is still a lot of work to be done to integrate banking products in the interest of customers. This will serve as a consolidating force over time, which we believe is to our advantage.

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The bank will continue to focus on its three main geographies, Canada, the United States and the United Kingdom, with less emphasis on continental Europe, he said.

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Royal Bank, which says its wealth management business ranks sixth in the United States in terms of assets under administration, also sees market share available there, Guzman said. The company’s plan in the United States includes growing its advisor base and adding new features such as a system the bank has added in recent years to allow customers to borrow against their wallets. investment in a few clicks.

“The biggest in the industry are really, really big,” Guzman said. “So we don’t see ourselves getting to one, two or three. But we’ve had great success in the US adding products. »

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