Royal Bank of Canada (RBC) is seeking to invest nearly $1.06 billion in asset managers outside Canada, Bloomberg reports. The country’s largest lender aims to triple profit from wealth management in the next four years.
RBC has set an annual profit target of $2.119 billion from wealth management by 2015. The firm gained $709.04 million from the business in the fiscal year that ended Oct. 31. In December 2010, RBC acquired London-based BlueBay Asset Management for $1.61 billion.
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