Royal Bank of Canada's U.S. wealth management business posted solid gains in its third quarter, driven by new client assets and market performance. According to Financial Planning, RBC reported a 7 percent year-over-year revenue increase for its U.S. subsidiary, RBC Wealth Management, reaching $1.7 billion for the quarter ending July 31. The growth included contributions from City National, which RBC acquired in 2015. Net new assets totaled just over $2 billion, while market gains helped push assets under administration up 11 percent to $718.4 billion.

Financial Planning reports that recruiting remained a key driver of expansion. RBC recently hired an eight-member team from UBS that managed $1.7 billion in assets. According to senior managing director John Moran, assets brought in through recruiting deals surged nearly 70 percent year over year. In the third quarter alone, RBC added 27 advisors net, bringing its total to 6,218.

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