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REUTERS SUMMIT-RBC Wealth seeking deals to boost alternative assets

Reuters - UK Focus

NEW YORK (Frankfurt: HX6.F - news) , June 16 (Reuters) - Royal Bank of Canada (Toronto: RY-PC.TO - news) 's wealth management division, Canada's biggest player in the high net worth arena, is on the lookout for acquisitions to grow its presence in alternative assets, particularly real estate, and beef up U.S. distribution.

"On the asset management side, we have a viable organic strategy but relatively small business here compared to worldwide. We would be interested in acquisitions that broadened capability in that business," George Lewis, group head, RBC (MCX: RBCM.ME - news) Wealth Management and RBC Insurance, said at the Reuters Global Wealth Management Summit. (Reporting by Andrea Hopkins; Editing by Leslie Adler)