| |
RBC acquires ten per cent of O'Shaughnessy Asset Management
TORONTO, June 23, 2008 — Royal Bank of Canada
today announced that it has acquired a ten per cent interest
in O'Shaughnessy Asset Management, L.L.C. (OSAM).
"We're excited about this opportunity to deepen our
partnership with OSAM. Jim O'Shaughnessy and his team have
delivered strong performance for our unitholders over the
past ten years and we look forward to continuing our relationship,"
said Brenda Vince, president, RBC Asset Management Inc.
"I have developed tremendous respect for RBC in our
ten-year partnership and I am pleased to welcome RBC as a
shareholder in O'Shaughnessy Asset Management," said
Jim O'Shaughnessy, chairman and chief executive officer of
OSAM.
Financial terms of the agreement were not disclosed.
About O'Shaughnessy Asset Management
O'Shaughnessy Asset Management is a Stamford, Connecticut-based
quantitative money management firm. The firm delivers a broad
range of equity portfolios to institutional investors and
the high net-worth clients of financial advisors. O'Shaughnessy
Asset Management also serves as a sub-advisor to a family
of mutual funds through RBC Asset Management, a subsidiary
of Royal Bank of Canada. The firm's investment strategies
are based on the research of Chairman and CEO James P. O'Shaughnessy,
widely regarded as a pioneer in quantitative equity analysis.
Mr. O'Shaughnessy and his team have identified the characteristics
that have led to successful investing over the last fifty
years, and it is these characteristics that form the foundation
of the firm's strategies. As of May 31, 2008 O'Shaughnessy
Asset Management managed US$9.6 billion. For more information,
visit www.osam.com.
About Global Asset Management and RBC
Wealth Management
Global Asset Management comprises RBC Asset Management Inc.
(RBC AM), Phillips, Hager & North Investment Management
Ltd. (PH&N) in Canada and Voyageur Asset Management Inc.
in the U.S. Combined, RBC AM and PH&N have C$111 billion
in IFIC-reported mutual fund assets under management and an
additional C$56 billion in other institutional and private
client assets under management. RBC AM and PH&N received
the Lipper Awards for "Best Overall Fund Group"
and "Best Bond Family" in Canada respectively for
the second consecutive year in 2008.
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 also provides asset
management and trust products and services directly and through
RBC and third-party distributors to all client segments, and
has C$500 billion of assets under administration, more than
C$240 billion of assets under management and more than 4,000
financial consultants, advisors, private bankers and trust
officers.
About RBC
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries
operate under the master brand name of RBC. We are Canada's
largest bank as measured by assets and market capitalization
and one of North America's leading diversified financial services
companies. We provide personal and commercial banking, wealth
management services, insurance, corporate and investment banking
and transaction processing services on a global basis. Our
corporate support team enables business growth with expert
professional advice and state-of-the art processes and technology.
We employ approximately 75,000 full- and part-time employees
who serve more than 16 million personal, business, public
sector and institutional clients throughout offices in Canada,
the U.S. and 45 other countries around the world. For more
information, please visit www.rbc.com.
- 30 -
Media Contacts:
Rina Cortese, RBC Wealth Management, (416) 974-6970
rina.cortese@rbc.com
Jackie Braden, RBC, Media Relations, (416) 974-2124
jackie.braden@rbc.com
Chris Dotson, PH&N Communications, (604) 408-6009
Amanda Schuneman, O'Shaughnessy Asset Management,
(617) 520-7079, ASchuneman@WeberShandwick.com
|
|
