Royal Bank of Canada today completed its £1.6bn takeover of wealth manager and Financial Planner Brewin Dolphin with the company now renamed RBC Brewin Dolphin.

The deal creates one of the largest UK wealth managers with £58bn in assets under management. 

RBC Brewin Dolphin has over 30 offices across the UK and the Channel Islands employing more than 2,100 staff who will continue to be led by CEO Robin Beer. It will be integrated with RBC's Wealth Management International arm over the coming months.

Brewin Dolphin was acquired for a total consideration of 515 pence per share. 

Royal Bank of Scotland announced its bid for Brewin in March this year and recently passed all regulatory hurdles after winning approval from Canadian regulators. Brewin, which has its roots in stockbroking, dates its history back to 1762. 

RBC Wealth Management is one of the world’s biggest wealth managers with major presences around the world including the US and Asia. Parent company Royal Bank of Canada employs 92,000 staff worldwide, including more than 4,800 financial consultants, advisers, private bankers and trust officers.

Royal Bank of Canada says that RBC Wealth Management International and RBC Brewin Dolphin will continue to operate as separate businesses until integration over the coming months. 

Robin Beer, CEO, RBC Brewin Dolphin, said: “Our strategy to become a leading advice-focused, digitally enabled wealth manager is set to be accelerated by becoming part of RBC. 

“In becoming RBC Brewin Dolphin we are combining two highly-regarded names and signalling our intention to further enhance our client proposition and we are all incredibly excited about the future.”

David Thomas, CEO, RBC Wealth Management International, said: “We are delighted to complete the acquisition of Brewin Dolphin and excited to welcome its clients and talented colleagues to RBC. Brewin Dolphin brings outstanding experience and an impressive track record of growth, innovation and investment performance. 

“Our shared client-centric culture and values have really shone through over the past few months, and we look forward to developing this further, increasing the depth and breadth of our offering to clients and intermediaries.”

RBC Wealth Management is focused on affluent, high net worth and ultra-high net worth clients and provides banking, investment, trust and wealth management offerings. The business also provides asset management products and services through its RBC Global Asset Management business, which includes BlueBay Asset Management.

RBC Wealth Management globally has nearly £900bn in assets under administration and over £625bn in assets under management.