RBC Acquires Ferris, Baker Watts, Incorporated

Royal Bank of Canada completed the acquisition of broker/dealer Ferris, Baker Watts, Incorporated (FBW), the company said.

Washington, D.C.-based FBW has 42 branch offices in eight states and the District of Columbia, and approximately $19 billion in assets under administration. The firm will become part of RBC Wealth Management, U.S. Division.

RBC said the acquisition enhances its mid-Atlantic presence as part of its national wealth management network in the U.S.

“FBW enhances our wealth management presence in a key region of the country and adds more than 300 experienced, professional financial consultants who have a strong customer service culture that mirrors our own,” said John Taft, head, RBC Wealth Management, U.S. Division, in a release.

Earlier this year, RBC Dain Rauscher changed its name to RBC Wealth Management as part of RBC’s (Royal Bank of Canada) global brand strategy (see RBC Dain Rauscher integrates B/D, Changes Name)