RBC Wealth Management named Best Private Bank in the Channel Islands
By James Qualtrough From Isle News
RBC Wealth Management has been named ‘Best Private Bank in the Channel Islands’ for the second consecutive year at the 2013 World Finance Banking Awards.
This success builds on a recent run of awards for RBC Wealth Management: in June, its Channel Island-based Trust and Fiduciary Services business was included on Private Client Practitioner’s list of the Top 25 Trust Companies for the third successive year, won the awards for ‘Best Trust Company’ at the inaugural WealthBriefing European Awards 2013, and was named ‘Trust Company of the Year – Institutional’ at the Citywealth Magic Circle Awards in May this year.
Alongside its success in the Channel Islands, RBC Wealth Management was also recognized as ‘Best Banking Group in the Cayman Islands’ in the 2013 World Finance Banking Awards.
The World Finance Banking Awards judging panel adopts a number of criteria to select winners, including the firm’s performance, the range of products and services, and an assessment of the firm’s strategic objectives. World Finance is a specialist financial services magazine and website with an international readership.
Chris Blampied, Head of Banking, British Isles and Caribbean, RBC Wealth Management, commented: “We are honoured to have received this accolade again for our work in the Channel Islands, particularly given our long history of servicing clients here. We are celebrating our 40th anniversary in Guernsey this year, having marked our 50th year in Jersey in 2012, and it is our hope that ongoing investment in the islands will ensure we can build on this reputation for excellence in financial services.”
For more on this story go to:
Related story:
Navigating uncertain waters
By David Foster, Managing Director, Private Clients, RBC Wealth Management
By remaining well-informed, and harnessing human resources and operational economies of scale, RBC Wealth Management has earned a trusted reputation
In the financial industry, trust is more important than ever. The 2013 World Wealth Report – produced by RBC Wealth Management and Capgemini – found over half (55 percent) of high-net-worth individuals (HNWIs) do not trust the financial markets, but 61 percent expressed confidence in their relationships with wealth managers and wealth firms. Rocked by mixed macroeconomic signals and unrewarding market conditions, individuals and investors the world over are placing an even stronger emphasis on finding and keeping trusted advisors as they navigate these uncertain times.
RBC Wealth Management – part of Royal Bank of Canada – has provided offshore banking and wealth management services to Cayman residents and international clients in Cayman since 1972. The George Town office is home to a team of 115 dedicated professionals with access to a complete range of wealth management services through RBC Wealth Management’s global network of offices.
RBC Wealth Management is recognised as one of the world’s 10 largest wealth managers by Scorpio Partnership’s Global Private Banking KPI Benchmark. With more than CAD604bn of assets under administration and more than CAD369bn of assets under management, RBC Wealth Management employs over 4,400 financial consultants, advisors, private bankers, and trust officers. It provides high-net-worth and ultra-high-net-worth clients in Canada, the US, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, investment, trust and other wealth management solutions.
Strength through collaboration
RBC Wealth Management’s success is down to its reputation for strength and stability, and its desire to continue to enhance the quality and breadth of its overall wealth management offering. That said, running a successful and responsible business goes beyond simply hiring talented people and developing an international footprint: it requires an ethos of delivering high service standards to the client, thorough accountability across operations, and an on-going commitment to each community in which we operate.
In Cayman and across the Caribbean, RBC Wealth Management’s foothold has been achieved by collaborating with the British Isles and other global offices. Over the past year, there has been a purposeful move towards creating an integrated model. This has ensured the business harnesses the human resources and operational economies of scale available across the UK and Channel Islands (where there are well over 1,500 employees working from seven offices in five locations).
Brand building
A clutch of industry awards have re-affirmed RBC Wealth Management’s position as a leading financial institution: we were named Caribbean Private Bank of the Year at the Citywealth International Financial Centre Awards in January, and came runner-up in the Caribbean Trust Company of the Year and Offshore Trust Company of the Year (British Crown Dependencies) categories.
The following month, RBC Wealth Management was named Best Private Banking Services Overall in the Cayman Islands for the second year in a row in the Euromoney rankings. We also claimed the number one ranking in Cayman in eight different categories, including Range of Advisory Services, Equity Portfolio Management, Commodities Investing and Trust Services.
Maintaining a position at the forefront of the wealth management industry also requires active engagement in the issues that impact the environment in which the business operates. One way RBC Wealth Management has done this is its partnership with Capgemini – one of the leading providers of consulting, technology and outsourcing services – to produce the World Wealth Report.
Now in its 17th year, the report is regarded as the industry benchmark for understanding the high-net-worth market. It examines the key drivers of wealth creation and the global trends impacting HNWIs. This collaboration reinforces RBC Wealth Management’s position as an informed advisor that is well-positioned to improve its industry-leading service to clients.
Professional development
Locally, RBC Wealth Management looks to take advantage of the vast amount of intellectual capital within the Cayman business world. For instance, I have the pleasure of sitting on the board of the Cayman Islands Bankers Association, and in this role I am able to contribute to the direction and development of Cayman’s financial services industry.
I may have only been at RBC for 12 months, but it did not take long to see that the range of solutions on offer, an ingrained culture that rewards entrepreneurialism, and RBC’s global reputation as a responsible and stable institution combine to excellent effect. Each of our clients is able to get the best of our global expertise, with the assurance they are banking with a firm that takes pride in its contribution to the local community.
Moving forward – and in order to meet the ambitious growth targets we have set – it will be imperative to forge even closer links with our colleagues across the global network, continue to support the professional development of each employee, and give back to the communities that host our businesses.
