Accelerators/Incubators/Labs, BanksJuly 3, 2017

RBC Global Assetment Management pumps $20 million into innovation lab

RBC Global Asset Management is to invest $20 million to establish an in-house innovation lab, snapping up Toronto-based digital advisory firm Wiser Investments as part of the package.

RBC GAM has committed initial funding of $20 million over the next five years to establish the Innovation Lab and fund initiatives to incubate digital capabilities and drive innovation across the firm.

“The culture of RBC Global Asset Management revolves around innovation, continual learning and harnessing the power of human and machine,” says Damon Williams, CEO, RBC GAM. “Our new Innovation Lab is a reflection of this philosophy.”

He says 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.

To kick things off, the firm has completed the acquisition of Wiser Investments, bringing the firm’s expertise and intellectual capital to bear on the Lab.

Gabriel Woo, VP, innovation at RBC, comments: “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.”