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RBC forms Global Prime Services Group
Consolidates customized prime brokerage, direct market access,
advanced algorithmic trading, and financing services
NEW YORK, April 8, 2008 — RBC Capital Markets
today announced it has completed the formation of the RBC
Global Prime Services Group to provide dedicated and comprehensive
support to hedge fund managers, mutual fund managers and institutional
asset managers via a single platform backed by RBC, one of
North America's largest and most highly rated financial institutions.
"We recognize that the lines between hedge fund and
traditional institutional managers are becoming more obscure
as their needs become more similar - hedge funds are going
public and no longer using only long/short strategies, traditional
fund managers are launching 130/30 funds, using leverage and
shorting, while institutional managers need more robust services,"
said Jeremy Frommer, head of RBC Global Prime Services. "We
decided to break down silos by bringing together, under a
single umbrella, everything from prime brokerage to trading
technology, securities lending to capital introductions, as
well as financing. RBC Global Prime Services provides clients
with the comprehensive and robust array of multi-asset class
products and services they need in today's complex, rapidly
moving markets."
The formation of the new business unit, featuring a single-point-of-contact
customer service platform, comes as fund managers, traders
and other counterparties are seeking prime brokerage and service
providers with strong credit quality and stability on which
they can depend. "While the past few months have seen
unprecedented challenges in the brokerage industry, RBC's
strength and stability has been - and will remain - a source
of confidence for our clients, particularly those in alternative
investments," said Frommer.
"Our unique single-point-of-contact for multi asset
class service provides a consolidated view of a client's portfolio,
enabling us to fully understand our clients' needs and provide
the right products and the highest level of service possible,"
said Daniel Dorenbush, head of Relationship Management for
RBC Global Prime Services.
The Global Prime Services Group, which has made a substantial
investment in technology this year, has seen a 20 per cent
increase in clients and a related increase in assets under
management in the past six months. The Group brings together
services recently launched by RBC as well as several operational
units with a strong record of serving RBC clients, including:
- RBCAccel, a multi-asset class proprietary trading platform;
- The RBC Capital Introduction Group, which works closely
with investors to efficiently introduce them to hedge fund
managers seeking to grow their assets. In addition, the
group offers the RBC Emerging Manager Allocator platform,
a proprietary, multi-strategy growth fund-of-hedge funds;
and,
- The RBC Global Futures & Base Metals Group, which
offers global execution and clearing solutions for futures
and options traders, as well as specialized interest rate,
foreign exchange, equity, base metals, and commodity and
energy product and service offerings.
"Building the Global Prime Services Group enables us
to truly partner with our clients," said Greg Mills,
head of Global Equity Sales & Trading for RBC Capital
Markets. "We are now able to provide a fully consolidated
platform that enables us to maximize the benefits to our clients
and efficiently employ RBC's financing capabilities."
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking
arm of RBC and is active globally in debt origination, sales
and trading, foreign exchange, infrastructure finance, structured
products, metals and mining, and energy. Its North American
platform includes a significant U.S. middle market investment
banking franchise and leading equity, underwriting, sales,
trading and research businesses. Bloomberg ranks the
firm as one of the top 15 investment banks globally.
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Contact:
Loretta Healy, The Hubbell Group, Inc. (781) 878-8882 lhealy@hubbellgroup.com
Kevin Foster, RBC Capital Markets, (212) 428-6902, kevin.foster@rbccm.com
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