RBC Dominion Securities
RBC Dominion Securities is the brand used by Royal Bank of Canada for full service brokerage services primarily in Canada. It forms part of RBC's Wealth Management division.
Dominion Securities was established in Toronto, Ontario, Canada on the 18th of March, 1901 as Dominion Securities Corporation Limited. Its founders, Senator George Albertus Cox and Edward Rogers Wood, were both well known Canadian business figures at the time, having previously formed the National Trust Company together in 1898.The firm originally focused on the underwriting and new issue of government and municipal bonds but diversified into war bonds during World War I and into equity securities in later years. At the time of incorporation, DS was located at 26 King Street East in Toronto.
By 1958, the firm had developed a large network of branches including locations in every major Canadian city as well as international offices in New York, Boston, Philadelphia, and London. The late 1950s saw Dominion Securities fully involved in the trading of securities on the secondary markets as members of The Toronto, Montreal, Winnipeg, and Canadian Stock Exchanges, as well as affiliate members of the American Stock Exchange. They also had access to the NYSE and numerous other exchanges at the time. During this period, DS maintained a head office at 50 King Street West in Toronto and was headed by President G.E. Phipps, Chairman G.P. Rutherford, and Vice-chairman, H. N. Bawden.
The firm grew through acquisitions and was gradually acquired by RBC:
- 1984 acquires Pitfield, Mackay, Ross Limited
- 1988 Royal Bank acquires 67% stake in Dominion Securities
- 1989 acquires Pemberton Willoughby Investment Corporation
- 1996 acquires Richardson Greenshields of Canada Limited
- 1996 RBC acquires 100% stake
- 2001 acquires US-based Dain Rauscher and Tucker Anthony Sutro & Company
Note about RBC corporate structure
RBC Dominion Securities Inc is the legal name of the company from which the full service brokerage activities operate. The subsidiary, among others, is also used by the RBC Capital Markets division. RBC Dominion Securities Inc has been 100% owned by the Royal Bank of Canada since 1996.
- James Henry Gundy and George Herbert Wood - former Dominion Securities brokers left in 1905 form Wood Gundy
- "Royal Bank of Canada". http://www.rbc.com/history/quicktofrontier/ds-detail.html.
- "University of Western Ontario". http://www.lib.uwo.ca/programs/companyinformationcanada/cr-dominionsecurities.htm.