Royal Bank of Canada's wealth management business earned C$180 million in the fourth quarter, up 10 per cent, but profits decelerated to their slowest growth rate in two years as gains were reeled in by writedowns linked to the collapse of the US sub prime mortgage market. Canada's biggest bank reported that revenue was C$5.62 billion, up from C$5.35 billion, with strong performances across most of the bank's business segments, and net income edged up about 5 per cent to C$1.32 billion compared with C$1.26 billion in the same period in 2006. In Wealth Management, RBC said sales momentum continued to support strong growth in client assets. Canadian Wealth Management grew assets under administration by 9 per cent and Global Asset Management grew assets under management by 13 per cent for the year. Assets under administration declined from C$505.1 billion to C$488.5 billion over the fourth quarter, but were up from C$476.5 billion at 31 October 2006. Assets under management increased from C$159.6 billion to C$161.2 billion over the fourth quarter, and were up from C$142.8 billion at 31 October 2006. US & International Wealth Management increased revenue by 15 per cent, or 19 per cent in US dollars. RBC Dexia Investor Services increased assets under administration by 12 per cent over the year. “We continued to deliver robust results in our domestic businesses with strong growth in client assets, and our performance in US & International Wealth Management demonstrates that our targeted initiatives to grow these businesses are succeeding. With our solid foundation in Canada and a growing presence in US and international markets, we believe we are well positioned to take full advantage of the opportunities provided by the favourable long term economic and demographic trends supporting the wealth management business,” said Gordon Nixon, RBC's president and chief executive. RBC's capital markets division posted a decline of 38 per cent to C$186 million in quarterly earnings. That followed writedowns of C$357 million pre-tax, or C$160 million after tax, related to securities hit by the US sub prime market meltdown.