RBC Wealth Management is on the prowl for acquisitions worth to C$2 billion to grow its presence in the alternative assets sector and ramp up its US distribution within the next few years, the firm reportedly said at the Reuters Global Wealth Management Summit in New York.

RBC Wealth Management is on the prowl for acquisitions worth up to C$2 billion to grow its presence in the alternative assets sector and ramp up its US distribution, the firm reportedly said at the Reuters Global Wealth Management Summit in New York.

“On the asset management side, we have a viable organic strategy but relatively small business here compared to worldwide. We would be interested in acquisitions that broadened capability in that business,” George Lewis, group head of RBC Wealth Management and RBC Insurance, said, as reported by Reuters yesterday.

“The alternative space is one where we are intent on increasing our capabilities particularly on the real estate management side.”

RBC has made two notable acquisitions in the wealth management business in recent years in the shape of Phillips, Hager & North Investment Management in 2008 and BlueBay Asset Management in 2010.

As investors and financial advisors show heightened interest in assets such as hedge funds, private equity and real estate following the financial crisis, Lewis reportedly said that a firm specializing in alternative assets - particularly real estate - is “high on its wish list” over the next couple of years.