The US wealth management business is moving to a new HQ, expecting to move in by 2021.

RBC Wealth Management is moving to new US headquarters in downtown Minneapolis by 2021, a move the business, part of Royal Bank of Canada, signals its high ambitions for growth in the US.

The wealth management house employs 1,500 in the Twin Cities, out of a total US payroll of 5,000. Its new office comprises 33 levels, one million square foot. It is located on 3rd Street South, between Nicollet and Hennepin Avenues. T

“The city of Minneapolis has been our home for many decades and we look forward to continuing to build our legacy here,” Michael Armstrong, chief executive, RBC Wealth Management – US, said.

Under terms of the agreement, RBC will occupy approximately 310,000 sq. ft. of space in Gateway. 

Next steps in the planning process include completing the project design and receiving full project approval during the summer of 2018. Katter said he expects construction to begin spring 2019.

The employees of RBC Wealth Management-US and RBC Capital Markets currently located at RBC Plaza will remain there until the new headquarters location is ready in 2021.