M and A
Royal Bank of Canada Completes US Broker Acquisition
Royal Bank of Canada has completed its acquisition of
Ferris Baker Watts, a
US brokerage firm.
Ferris Baker Watts, based in
Washington
DC, has 42 branch offices in eight
US states. The company, with assets worth $19 billion under its
administration, will be integrated into RBC Wealth
Management's
US division.
Ferris Baker Watts enhances RBC's "presence in a key region of the country," John Taft, head of the division, said.
Ferris Baker Watts has over than 300 financial consultants, serving individual, corporate and institutional clients from branches located in the District of Columbia, Delaware, Maryland, Michigan, North Carolina, Ohio, Pennsylvania, Virginia and West Virginia.
RBC Wealth Management has $500 billion of assets under administration, over $240 billion of assets under management and more than 4,000 financial consultants, advisors, private bankers and trust officers.