TORONTO AND LONDON, Dec. 17 /PRNewswire-FirstCall/ - Royal Bank of Canada (RY on TSX and NYSE) today announced it has completed the acquisition of BlueBay Asset Management.
The addition of BlueBay brings over 200 employees and approximately
US$40 billion in assets under management to RBC's Global Asset Management business.
"As a top-ten global wealth management firm, we are excited to expand our asset management capabilities in Europe and Asia, and BlueBay's strengths are an ideal fit with our own as we continue to grow," said George Lewis, group head, RBC Wealth Management.
"By leveraging the combined strengths of RBC and BlueBay, this transaction will enable us to bring a greater range of asset management solutions to our clients around the world," said John Montalbano, CEO of RBC Global Asset Management.
"Since announcing the transaction, we have received strong support from shareholders, investors and colleagues alike," said Hugh Willis, CEO of BlueBay. "RBC's distribution strength and financial support provides BlueBay with a very real competitive advantage as we embark on the next stage of our growth."
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) and RBC Global Asset Management (U.S.) Inc. The group of companies forms the asset management division of Royal Bank of Canada (RBC), a global institution with the reputation of stability and strength. RBC GAM group of companies manage approximately C$200 billion in assets, including over C$100 billion in IFIC-reported mutual fund assets in Canada. PH&N won the Lipper Awards for "Best Overall Fund Group" in 2010 and "Best Bond Fund Family" in 2007, 2008 and 2010; RBC AM won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008. Website: www.rbcgam.com.
RBC Global Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada, the United States, Latin America, Europe and Asia. RBC Wealth Management provides integrated and diversified international wealth management expertise and solutions, asset management and trust services to high net worth individuals and to corporate and institutional clients. Services provided by RBC Wealth Management consultants, advisors, private bankers and trust officers include trust and estate planning, tax advice, discretionary investment management and investment advisory services, structured solutions, banking, lending and global custody. RBC Wealth Management has more than C$500 billion of assets under administration, over C$250 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.