Royal Bank of Canada could channel up to C$5 billion ($4.9 billion) into acquisitions to bolster its wealth management business, the firm’s chief financial officer, Janice Fukakusa, reportedly told attendees at a conference in New York this week.

According to Bloomberg, Fukakusa said any move valued at between C$500 and C$2 billion would be “pretty manageable.” The bank had not responded to a request from Family Wealth Report to confirm the plans at the time of publication. 

“What we’re looking at is more on the wealth management side in terms of asset management,” Fukakusa is quoted as saying. “We’re looking at expanding some of our product capability and distribution capability in markets where we have a lower presence.”

Specifically, Fukakusa said RBC is seeking deals that would extend its fixed income capability, although in that case the acquisition would be in a market where the firm has other distribution or product capability.

RBC said net income at its wealth management business was $225 million for the second quarter ended April 30, 2013, up $13 million or 6 per cent compared to last year. Net income was down, however, by $8 million (3 per cent) from Q1 2013.