RBC Financial Group
RBC Home | Search | Site Map | Contact Us | Legal Terms | Français  
Other RBC Sites:
Banking Investments Capital Markets
» Corporate Profile
» Corporate Governance
» History
» Investor Relations
Media Newsroom
 News Releases
 Editorial Edge
 RBC Executive Profiles
 RBC Facts
 RBC Purchasing Managers’ Index
 RBC Canadian Consumer Outlook Index
 RBC U.S. Consumer Outlook Index
 Special Reports
 Events Calendar
» RBC Social Media
» Economics
» Publications
» Community & Sustainability
» Careers
» Diversity
» Become a Supplier
» Become an Employee
» Make a Complaint

News Releases


RBC closes Mourant Private Wealth deal

JERSEY, Channel Islands, 27 February, 2009 — Royal Bank of Canada (RBC) - RY on NYSE and TSX - today announced that it has completed the acquisition of Mourant Private Wealth, the multi-award winning international private client trust business, with operations in Jersey, Dubai and Cayman, from Mourant Limited, whose group of businesses includes one of the leading offshore law firms Mourant du Feu & Jeune. The deal closed today after receiving regulatory approval. Terms of the transaction were not disclosed.

The acquisition of Mourant Private Wealth means that RBC Wealth Management now employs over 1,000 people in Jersey, making RBC Wealth Management one of the largest financial services employers in the jurisdiction. In addition, RBC Wealth Management employs over 300 people in Guernsey and a further 200 people in London, Cheltenham and Edinburgh.

The acquisition of Mourant Private Wealth has added more than £3.5 billion in assets under administration to RBC Wealth Management, bringing the firm's wealth management assets under administration in the British Isles to more than £66.5 billion and more than £260 billion on a global basis.

With close to 800 trust professionals, RBC Wealth Management is recognized as a leading provider of trust services. RBC was voted Number One Trust Services Provider in the UK in Euromoney's Private Banking Awards, 2008, 2007 and 2006. RBC Wealth Management is also recognized as one of the top 25 global private banks in the world.

Paul Patterson, Head of RBC Wealth Management in the British Isles, said: "Our latest acquisition and on-going client-facing staff hiring programme demonstrates RBC's commitment to developing our British Isles wealth platform. We are always looking for quality teams or for small acquisitions to add to the business."

"This transaction advances our long-term strategy to build further on our core business of providing integrated global wealth management services and solutions to international clients by hiring experienced professionals with strong client relationships," continued Mr. Patterson.

Steve Romeril, RBC Wealth Management's Head of Trust in the British Isles said: "This latest deal cements a 45 year close working relationship between RBC Wealth Management and Mourant and will give clients of Mourant Private Wealth access to RBC's global network and international wealth management expertise."

The Mourant acquisition is the third Channel Islands-based trust business bought by RBC Wealth Management this decade, following the purchase of Ernst & Young's Jersey and Guernsey trust businesses in 2000 and Abacus Financial Services Group Limited in 2005.

About RBC Wealth Management
The international arm of RBC Wealth Management services over 35,000 high net worth individuals and institutions through 35 offices in the British Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America and North America. 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. For more information, please visit www.rbcwminternational.com.

RBC Wealth Management is a segment of RBC, which directly serves affluent and high net worth clients and provides asset management products and services to institutional and individual clients. The business has more than C$450 billion of assets under administration, more than C$220 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 RBC. We are Canada's largest bank as measured by assets and market capitalization, one of North America's leading diversified financial services companies and among the largest banks in the world, as measured by market capitalization. We provide personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services on a global basis. We employ more than 80,000 full- and part-time employees who serve more than 18 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 52 other countries. For more information, please visit www.rbc.com.

For more information, please contact:

Anna Watson / Phillippa Cantrill
Tel: +44 (0)20 7680 5052 / +44 (0)20 7680 5063

RBC Wealth Management Communications
Sanam Alaghband, Communications Executive, RBC Wealth Management
Tel: +44 (0)20 7002 2013, sanam.alaghband@rbc.com

Beverley Weber, RBC Head of Communications, Europe & Asia
Tel: +44 (0)20 7029 7685, beverley.weber@rbc.com

RBC Investor Relations
Josie Merenda, RBC, Director of Investor Relations
Tel: + (1) 416-955-7809, josie.merenda@rbc.com

Or visit the site: www.rbc.com/investorrelations


Take Action
  Contact a member of the Media Relations Team

In the news
  RBC PMITM signals solid output growth in February (14.03.03)
  RBC seeks emerging painters to enter 16th annual RBC Canadian Painting Competition (14.02.21)
  Royal Bank of Canada announces results of conversion privileges of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series
AJ & AL (14.02.14)
  More »

Related Links
  Quarterly Information
  RBC at a Glance
  RBC Letter
  About RBC

  Special Reports
  RBC Canadian Manufacturing Purchasing Managers'Index
02/27/2009 10:02:05