June 12, 2013 / 8:00 PM / 6 years ago

Royal Bank of Canada seeks wealth acquisitions valued up to C$5 billion: CFO

Royal Bank of Canada (RBC) President and CEO Gordon Nixon speaks to Chief Financial Officer Janice Fukakusa (R) after a news conference following the bank's Annual General Meeting in Calgary, Alberta February 28, 2013. REUTERS/Mike Sturk

TORONTO (Reuters) - Royal Bank of Canada (RY.TO) could make wealth management acquisitions valued up to $5 billion, the bank’s chief financial officer said on Wednesday.

The bank is looking to add capacity in asset management on the equity side “given where the fixed-income cycle is,” CFO Janice Fukakusa said at the Morgan Stanley U.S. Financials Conference in New York.

“We’re not betting the bank, so they would be bite-sized (deals). I would say maybe it’s $1 (billion) to $3-$5 billion,” she said.

The bank, Canada’s largest, has been actively growing its wealth management business over the last few years, most notably with the acquisition of UK wealth manager BlueBay Asset Management in 2010 for about $1.5 billion.

Shares of RBC were down 40 Canadian cents at C$59.02 on the Toronto Stock Exchange.

Reporting by Cameron French; Editing by Nick Zieminski

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