The Royal Bank of Canada (RBC), Canada’s largest financial institution, has acquired Wiser Investments, headed by CEO Ajantha Ganeshalingam. The acquisition is part of a $20 million investment that RBC is making towards establishing an in-house Innovation Lab of which Wiser is a foundational component.
Wiser’s CEO Ajantha shared the following statement on his LinkedIn page following the announcement:
“This week Wiser Investments becomes part of RBC Global Asset Management. It’s been an incredible journey over the past two years, from building a proof of concept to raising capital to hunting for customers and now, being acquired by the largest financial institution in Canada.
Kuhan Paramsothy and I thank the Wiser team for their dedication and effort to get us to this stage. We are excited about our next challenge of helping to lead the newly created RBC Global Asset Management (GAM) Innovation Lab.
It is an exciting time to be in this space and with GAM, we can maintain our start-up culture with access to client challenges and funding to build and explore different opportunities. A new journey begins for the Wiser family.”
-Featured image: Ajantha Ganeshalingam sourced from LinkedIn.