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
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
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.
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, email@example.com
Beverley Weber, RBC Head of Communications, Europe &
Tel: +44 (0)20 7029 7685, firstname.lastname@example.org
RBC Investor Relations
Josie Merenda, RBC, Director of Investor Relations
Tel: + (1) 416-955-7809, email@example.com
Or visit the site: www.rbc.com/investorrelations