RBC Global Asset Management invests $20 million to establish in-house Innovation Lab
TORONTO, June 28, 2017 — RBC Global Asset Management (RBC GAM) announced today the establishment of a new RBC GAM Innovation Lab, an in-house technology hub to incubate digital capabilities and drive innovation. Leveraging the network of technology and innovation capabilities across RBC, the RBC GAM Innovation Lab will focus on developing and executing next-generation initiatives to enhance the experience and outcomes of investors and advisors.
“The culture of RBC Global Asset Management revolves around innovation, continual learning and harnessing the power of human and machine,” said Damon Williams, CEO, RBC GAM. “Our new Innovation Lab is a reflection of this philosophy.”
RBC GAM has committed initial funding of $20 million over the next five years to establish the Innovation Lab and fund its initiatives.
“We are committed to strengthening our industry-leading position in investment expertise and technology,” said Doug Coulter, President, RBC Global Asset Management Inc. “Our Innovation Lab will help us enhance the value we offer to investors and advisors as Canada’s leading provider of investment solutions.”
The RBC GAM Innovation Lab will both benefit from and contribute significantly to RBC’s technology and innovation capabilities. The Lab will partner closely with the established community of RBC experts in digital technology, analytics and machine learning as it develops tools for RBC GAM’s retail and institutional businesses, enhances RBC GAM’s investment capabilities and further strengthens RBC GAM’s ability to work effectively with advisors.
As a foundational component of the Innovation Lab, RBC has completed the acquisition of Wiser Investments, a Toronto-based financial technology firm. Wiser’s founders and employees join RBC GAM effective today, bringing the firm’s expertise and intellectual capital to RBC. RBC GAM and Wiser have partnered in the past, and this established working relationship will accelerate the Innovation Lab’s work from its inception.
“At RBC we’re changing the way we work to reimagine the future of financial services,” said Gabriel Woo, Vice President, Innovation at RBC. “We actively seek new ideas and approaches, so we’re also collaborating with emerging technology partners to tackle some of the most interesting opportunities to better serve our clients. We’re thrilled to bring onboard the skilled talent and proven expertise of Wiser Investments, which will form a solid foundation for RBC Global Asset Management’s Innovation Lab.”
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) and includes RBC Global Asset Management Inc. and institutional money managers BlueBay Asset Management and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. The RBC GAM group of companies manage more than C$400 billion in assets and have approximately 1,400 employees located across Canada, the United States, Europe and Asia.