RBC Capital Markets is looking to expand its presence in U.S. financial markets, according to Bloomberg, with the company’s CEO Derek Neldner highlighting the company’s hiring push.
The investment banking arm of RBC is ramping up its hiring across the U.S., Canada, and Europe. “We’re very much in growth mode,” Neldner told Bloomberg. “We’re looking to hire, we’re increasing our hiring.”
He also pointed to U.S. investment banking, noting that “we’re adding across the board.”
“But I would say the key sectors are technology, healthcare, industrials and financial institutions,” he added.
RBC Capital Markets is involved in the historic SpaceX IPO – the space exploration company’s S-1 prospectus lists RBC Capital Markets as one of 23 joint book-running managers.
Elon Musk’s SpaceX is set to go public on the Nasdaq on June 12 in a historic IPO that will reportedly value the company at $1.75 trillion. Trading under the ticker symbol SPCX, the blockbuster IPO could be the largest ever.
Underlining RBC Capital Markets’ growing U.S. ambitions – Bloomberg reports that, over the last seven months, the company has added 205 people in America, 23 of whom are managing directors.
Neldner also told Bloomberg that the company is expanding its trading business.
A spokesperson for RBC told InvestmentNews that the company plans to add more than 600 advisors in its U.S. wealth management business over the next 5 years.
Last year, RBC’s Chief Executive Dave McKay said that the company is considering an M&A push to grow its U.S. wealth management business.
In RBC’s recent second-quarter results, revenue from the company’s U.S. wealth management arm, which includes City National Bank in Los Angeles, was $1.9 billion, up from $1.7 billion in the prior year’s quarter.
Speaking during the conference call to discuss the results, McKay said that RBC’s U.S. wealth management has assets under administration of nearly $800 billion, of which $5 billion are net new assets during the second quarter. The company also added over $2 billion in recruited assets from advisor recruitment, he said.
In addition to its ongoing recruitment efforts, RBC is also ramping up its wealth management offerings. Earlier this year, for example, RBC Wealth Management expanded its lifestyle services platform for ultra-high-net-worth clients, broadening its existing Echelon offering.
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