Bull Bear Report Jan 11 2010

RBC Wealth Looking to Continue Hiring in 2010

By julie steinberg

We told you last week that Toronto is in contention to become a top global financial center. This week, Toronto-based RBC Wealth Management continues the Northern neighbor saber-rattling -- it wants to become a well-known global wealth management machine.

Right now, it handles $35 billion in assets, putting the firm in 42nd place worldwide. To rise in the ranks it is considering acquisitions in Europe and Asia; the division's last acquisition was made in 2008.

With those acquisitions will come jobs for a few lucky wealth managers. RBC, like other wealth management firms, is looking to bulk up.

Last year, the division added almost 200 advisors to its 4,500 advisors worldwide.

While the company wouldn't provide specific numbers, Jacqui McGillivray, vice president of human resources said, "We will continue our focus on attracting and retaining experienced advisors to serve affluent and high-net-worth clients."

Write to Julie Steinberg

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