Royal Bank of Canada has opened its new investment advisory business in Sao Paulo, Brazil.
According to Royal Bank of Canada (RBC), the move complements RBC Wealth Management’s presence across Latin America amid the firm’s ongoing expansion in the region which included the opening of new offices in Chile and Panama, and expansion of existing platforms in Mexico and Uruguay through the opening of new offices. The firm also has offices in Argentina and Venezuela.
Under the direction of Jose Lima, general manager of RBC Brasil DTVM, the new entity will allow RBC Wealth Management to provide investment advice through an open platform of third-party domestic securities — mutual funds, multi-market hedge funds, and equities — to high net-worth residents of Brazil.
RBC advisors will work with local fund managers and advise clients on asset allocation of domestic financial instruments. In the future, the business may also offer international clients access to domestic financial products and services.
Mr Lima joined RBC in 2001 and most recently served as general manager for RBC Wealth Management’s Latin American sales offices.
Michael Moodie, head of Americas region at RBC Wealth Management, said: This marks a new era for RBC in Brazil. We continually look for opportunities to grow in select markets where our history and brand are strong and where we can meet the needs of our clients. In Brazil, our goal is to be perceived as one of the best advisory firms in the country.
