Canada Has Replaced Switzerland as Safe Haven: Taft

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Sept. 17 (Bloomberg) -- John Taft, U.S. CEO at RBC Wealth Management, discusses money moving out of emerging markets and Canada's place as the new banking safe haven. He speaks on Bloomberg Television's "Bloomberg Surveillance."

Rbc is trimming its business in latin america, but that doesn't mean it is pulling back and all emerging markets.

Just to be clear, we are closing an office in uruguay.

In terms of serving the needs of ultrahigh net worth clients in emerging markets around the world, we are actually growing into that business.

We are cosponsors of an report on where the wealth is coming from.

It is all from the emerging markets.

Did he want the same services as the high net worth in the united states?


They are very conservative.

They want to move it offshore and diversify into safe assets in non-correlated havens.

They want non-correlated havens, but they they want to buy real estate in new york or bonds with three-year maturity?


The world bank of canada today is light.

Canada is what switzerland was 20 years ago.

The banks of canada are what swiss banks were years ago, i.e. havens of safety.

They are very sophisticated but their risk tolerance when it comes to how they manage that safe money that they have earned in their businesses, they are ultraconservative.

I did an interview which was about don't invest culture night -- don't invest ultrahigh net worth people.

Why, they are the ones a connection to take the risk?

Yes, but the mindset is i take that risk in my operating business.

Once i have made the money i want to move it and invested in a way that is safe.

This is a critical point.

Is the nexus of my and be overrated?

The nexus of wealth is still switzerland, offshore, channel islands, miami, hong kong, vancouver four chinese nationals, those are the hotspots.

Absolutely, the fastest growing market for us in the united states is miami, serving our international clients.

Xtc the wealthy in the united states turning to behave more like a wealthy overseas or vice versa?

Very interesting you mention that, because there are more transnational clients in the united states, that is individuals who for whatever reason have an interest in our international services and capabilities.

A.b. because they are children who moved here and became citizens, maybe because they have businesses overseas.

There is a growing market for internationally interested americans and we are serving them.

How hard is this to get the wealthy asian consumer and investor, and who is your biggest competition?

It is very competitive.

Talk about a regulatory headwind.

Your key message as it canadian is the distinction.

They want to work with canadians.

All right, john taft.

With an eye on asia.

This text has been automatically generated. It may not be 100% accurate.


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