Family Wealth Report can exclusively confirm that the UK wealth arm of Canada's biggest bank will no longer offer investment management services to US-resident clients.

This is an amended version of an article that was initially published on June 15, 2017. Please disregard all previous coverage of this matter.

Royal Bank of Canada's UK wealth management unit will no longer offer investment management services to its US-resident clients, this publication can exclusively reveal.

Canada's largest lender is winding down RBC Investment Management (USA) Ltd, a London-headquartered entity regulated by the Securities and Exchange Commission that provides investment management to clients living in the US.

The move to shutter the unit followed a strategic review of the business.

A spokesperson for RBC Wealth Management said: “This is purely a strategic decision, following a review of our business, and recognises the capability and expertise we have within RBC in North America to serve US-resident clients. We will be working with any clients impacted by this decision to carefully manage the transition of their business from RBC Wealth Management International. 

“We remain fully committed to serving US clients resident outside the US from the British Isles.”

A source with knowledge of the matter told this publication that the number of clients likely to be affected is “very small”.

The announcement follows a string of hires in recent weeks across the States, as it continues to bolster its wealth operation there.

Earlier this month, the firm hired Justin Ferdula as a director of its Chicago complex and named Tonya Nichols senior vice president of its Portland, Oregon office.