July 26, 2011 / 6:28 AM / 7 years ago

RBC eyes asset managers outside Canada -report

July 26 (Reuters) - Royal Bank of Canada may spend up to C$1 billion ($1.06 billion) to buy asset managers outside Canada as it aims to triple wealth management profit over four years, Bloomberg reported, citing a company executive.

“We would be interested in small and medium-sized acquisitions that could bolster our UK, European and Asia equity capabilities,” George Lewis, group head of RBC’s wealth management, told Bloomberg in an interview.

Royal Bank set an annual profit goal of C$2 billion from wealth management by 2015, or three times more than the C$669 million it earned from the business in the fiscal year ended Oct. 31, Lewis said. ($1 = 0.946 Canadian Dollars) (Reporting by Sakthi Prasad in Bangalore; Editing by Will Waterman)

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