Royal Bank of Canada’s (RBC) wealth management division is planning to double assets under management (AUM) in Asia within the next five years, according to South China Morning Post.
Regulation is one challenge to achieving the goal, RBC Wealth Management’s Asia head, Andrew Turczyniak, told the publication.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"Higher inflation in the region was also driving up costs and hurting the revenue of private banks," he said.
Talking about the strategy, Turczyniak said RBC aims to grow organically, rather than by making acquisitions.
Turczyniak added that the firm with 190 staff in Hong Kong and the same number in Singapore had set up the infrastructure to do more business in the region by hiring more staff.
According to a recent private wealth report by RBC Wealth Management and Capgemini, the complexity of regulation and the increasing cost of compliance and non-compliance are the greatest challenges facing wealth management firms.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
