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News Releases


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.

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Media Contacts:

Rina Cortese, RBC Wealth Management, (416) 974-6970

Jackie Braden, RBC, Media Relations, (416) 974-2124

Chris Dotson, PH&N Communications, (604) 408-6009

Amanda Schuneman, O'Shaughnessy Asset Management,
(617) 520-7079, ASchuneman@WeberShandwick.com


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06/23/2008 07:59:00