RBC closes acquisition of J.P. Morgan Securities' Third
Party Registered Investment Advisor Servicing Business
RBC Advisor Services Expands Sophisticated Wealth Management
and Brokerage Platform
NEW YORK and MINNEAPOLIS, June 15, 2010—
Royal Bank of Canada ("RBC") (RY on TSX and NYSE)
and New York-based J.P. Morgan today announced the closing
of a transaction pursuant to which RBC has acquired the third
party registered investment advisor ("RIA") business
within J.P. Morgan Securities Incorporated ("JPMSI")
identified as "IAS".
With the transaction now complete, IAS has been renamed and
has become a part of RBC Advisor Services, a unit of RBC US
Wealth Management. RBC Advisor Services specializes in providing
custody and clearing services to high performing third party
RIAs. Details of the transaction were not disclosed.
"This acquisition marks a significant step forward in
our mission to be the premier custody and brokerage partner
of choice for third party advisors at the high end of the
marketplace," said John Taft, CEO of RBC US Wealth Management.
"The closing of this acquisition represents the latest
move in RBC Wealth Management's ongoing expansion in the U.S.
We see a unique opportunity for growth in the Advisor Services
business and look forward to continuing to strategically expand
and enhance our offerings."
"RBC Advisor Services is uniquely positioned as a custodial
firm that offers tailored access to the capabilities of a
global, full-service broker-dealer. Our acquisition reflects
RBC's commitment to helping third party RIAs deliver the sophisticated
solutions that their high net worth clients expect,"
said Mike Kavanagh, chief administrative officer and head,
Independent Business Channels at RBC Wealth Management. "We
are very pleased to welcome our new Advisor Services employees
and clients to the RBC family."
"RBC Advisor Services provides a superior level of support
and global resources to which high performing RIAs are accustomed,"
said Leonard Palmer, director, RBC Advisor Services. "In
addition to delivering a robust brokerage and wealth management
platform, RBC Advisor Services is a trusted custodian with
the strength and stability that clients seek for their assets,
with a legacy of serving the complex needs of high end clientele."
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, and
among the largest banks in the world, based on market capitalization.
We are one of North America's leading diversified financial
services companies, and provide personal and commercial banking,
wealth management services, insurance, corporate and investment
banking and transaction processing services on a global basis.
We employ approximately 77,000 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 rbc.com.
About RBC US Wealth Management
In the United States, RBC Wealth Management operates as a
division of RBC Capital Markets Corporation. Founded in 1909,
RBC Capital Markets Corporation is a member of the New York
Stock Exchange, the Financial Industry Regulatory Authority
and other major securities exchanges, as well as the Securities
Investor Protection Corp. RBC US Wealth Management has over
$160 billion of assets under administration and more than
2,200 financial consultants operating in over 200 locations
in 42 states.
About RBC Advisor Services
RBC Advisor Services is a full-service custody and brokerage
partner for select registered third party investment advisors.
With a legacy of serving high net worth clients, RBC Advisor
Services provides tailored access to a sophisticated wealth
management and brokerage platform. It offers products and
services that are required by advisors for the highest-net-worth
investors such as lines of credit, trust services, and access
to private-client investment management solutions. RBC Advisor
Services is a division of RBC Capital Markets Corporation,
the corporate and investment banking arm of Royal Bank of
Canada, the largest bank in Canada and the 13th largest bank
in the world.
Media Contacts:
RBC
Jonell Lundquist, 612- 371-2239, jonell.lundquist@rbc.com
Jenn Connelly, 973-732-3521, jenn@jcprinc.com
Investor Contacts:
James Colburn, RBC, Investor Relations, (416) 955-7808
For general investor relations information please visit:
www.rbc.com/investorrelations.
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