Strategic Step Strengthens RBC Wealth Management in the U.S.
MINNEAPOLIS and WASHINGTON DC, June 20 /CNW/ - Royal Bank of Canada (RY
on TSX and NYSE) today announced that it has completed the acquisition of
Washington, D.C.-based Ferris, Baker Watts, Incorporated (FBW).
FBW is a full-service broker-dealer with 42 branch offices in eight
states and the District of Columbia, and approximately US$19 billion in assets
under administration. The firm will become part of RBC Wealth Management, U.S.
"FBW enhances our wealth management presence in a key region of the
country and adds more than 300 experienced, professional financial consultants
who have a strong customer service culture that mirrors our own," said John
Taft, head, RBC Wealth Management, U.S. Division.
"We believe that joining RBC, with its global resources and strong
customer support capabilities, greatly expands the investment services that we
will be able to provide our clients. Both FBW and RBC Wealth Management share
the same philosophy and commitment to focusing on clients' interests as our
top priority," said Roger L. Calvert, president and CEO of Ferris, Baker
"The RBC Wealth Management business in the U.S. was built by combining
numerous strong regional brokerage firms to create the best of two worlds: a
small firm culture linked to the financial strength and global resources of
RBC," Taft said. "We are proud to welcome FBW's historic franchise and the
talents and capabilities of their investment professionals to our growing U.S.
wealth management platform."
The acquisition enhances the mid-Atlantic presence of RBC as part of its
national wealth management network in the U.S., and will establish a new
seventh region for RBC Wealth Management comprised of FBW locations.
About Ferris, Baker Watts, Incorporated
Ferris, Baker Watts, Incorporated (FBW) is a full-service firm with more
than 300 financial consultants, serving individual, corporate and
institutional clients nationally from 42 retail branches located in the
District of Columbia, Delaware, Maryland, Michigan, North Carolina, Ohio,
Pennsylvania, Virginia and West Virginia. With one of the largest retail
brokerage networks in the Mid-Atlantic region, the firm maintains a focus on
building and preserving wealth for individual investors and has US$19 billion
in assets under administration. FBW was formed in 1988 following the merger of
Ferris and Co. and Baker Watts (founded in 1900).
About RBC Wealth Management
RBC Wealth Management directly serves affluent and high net worth clients
in Canada, the United States, Latin America, Europe and Asia. RBC Wealth
Management also provides asset management and trust products and services
directly and through RBC and third-party distributors to all client segments,
and has C$500 billion of assets under administration, more than C$240 billion
of assets under management and more than 4,000 financial consultants,
advisors, private bankers and trust officers.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name of RBC. We are Canada's largest bank as measured
by assets and market capitalization and one of North America's leading
diversified financial services companies. We provide personal and commercial
banking, wealth management services, insurance, corporate and investment
banking and transaction processing services on a global basis. Our corporate
support team enables business growth with expert professional advice and
state-of-the art processes and technology. We employ approximately 75,000
full- and part-time employees who serve more than 16 million personal,
business, public sector and institutional clients throughout offices in
Canada, the U.S. and 45 other countries around the world. For more
information, please visit www.rbc.com.
Safe Harbor Regarding Forward-Looking Statements
Certain statements contained in this press release may be deemed to be
forward-looking statements under certain securities laws, including the "safe
harbor" provisions of the United States Private Securities Litigation Reform
Act of 1995 and in any applicable Canadian securities legislation, and Royal
Bank of Canada (RBC) and Ferris, Baker Watts Incorporated. (FBW) intend that
such forward-looking statements be subject to the safe-harbor created thereby.
The words "may," "could," "should," "would," "outlook," "believe," "plan,"
"strategy," "opportunity," "anticipate," "estimate," "expect," "intend," and
words and expressions of similar import are intended to identify
By their very nature, forward-looking statements involve numerous
assumptions, and inherent risks and uncertainties, both general and specific,
and risks exist that predictions, forecasts, projections and other
forward-looking statements, including statements about the expected expansion
of investment services to clients, will not be achieved. We caution readers
not to place undue reliance on these statements as a number of important
factors could cause our actual results to differ materially from the beliefs,
plans, objectives, expectations, anticipations, estimates and intentions
expressed in such forward-looking statements. These factors include, but are
not limited to the possibility that the anticipated benefits of the
transaction are not realized as a result of such things as the strength of the
economy and competitive factors in the areas where FBW does business; the
impact of changes in the laws and regulations regulating financial services
and enforcement thereof (including banking, insurance and securities);
judicial judgments and legal proceedings; RBC's ability to integrate FBW with
RBC successfully; reputational risks, and other factors that may affect future
results of RBC and FBW, including changes in trade policies, timely
development and introduction of new products and services, changes in tax
laws, and technological and regulatory changes . We caution that the foregoing
list of important factors is not exhaustive. Additional information about
these and other factors can be found in our Q2 2008 Report to Shareholders and
in our 2007 Annual Report to Shareholders.
Except as required by law, Royal Bank of Canada and FBW assume no
obligation to update the forward-looking statements contained in this press
For further information:
For further information: Media Contacts: RBC, John Bousquet, RBC Wealth
Management, (612) 371-2225; Beja Rodeck, RBC, (416) 974-5506; Ferris, Baker
Watts, Incorporated, Robin Oegerle, FBW, (410) 659-4607; Investor Contacts:
Amy Cairncross, RBC, (416) 955-7809; For general investor relations
information please visit: www.rbc.com/investorrelations