RBC Completes Acquisition of BlueBay Asset Management
TORONTO and LONDON, December 17, 2010 —
Royal Bank of Canada (RY on TSX and NYSE) today announced
it has completed the acquisition of BlueBay Asset Management.
The addition of BlueBay brings over 200 employees and approximately US$40 billion in assets under management to RBC's Global Asset
Management business.
"As a top-ten global wealth management firm, we are
excited to expand our asset management capabilities in Europe
and Asia, and BlueBay's strengths are an ideal fit with our
own as we continue to grow," said George Lewis, group
head, RBC Wealth Management.
"By leveraging the combined strengths of RBC and BlueBay,
this transaction will enable us to bring a greater range of
asset management solutions to our clients around the world,"
said John Montalbano, CEO of RBC Global Asset Management.
"Since announcing the transaction, we have received
strong support from shareholders, investors and colleagues
alike," said Hugh Willis, CEO of BlueBay. "RBC's
distribution strength and financial support provides BlueBay
with a very real competitive advantage as we embark on the
next stage of our growth."
About RBC Global Asset Management and
RBC Wealth Management
The RBC Global Asset Management (RBC GAM) brand comprises
investment services and solutions offered by RBC Global Asset
Management Inc., RBC Global Asset Management (U.S.) Inc.,
RBC Asset Management U.K. Ltd. and RBC Investment Management
(Asia) Ltd. The group of companies form the asset management
division of Royal Bank of Canada (RBC), a global institution
with the reputation of stability and strength. RBC GAM group
of companies manage approximately C$200 billion (US$203B,
£129B or €149B) in assets as of October 31, 2010.
RBC Global Asset Management Inc. is the manager of RBC Funds
and PH&N Funds. PH&N Funds won the Lipper Awards for
"Best Overall Fund Group" in 2010 and "Best
Bond Fund Family" in 2007, 2008 and 2010; RBC Funds won
the Lipper Awards for "Best Bond Fund Family" in
2009 and "Best Overall Fund Group" in 2007 and 2008.
Lipper Fund Awards were awarded based on the best risk-adjusted
performance over the three-year periods ended December 31
of the previous year. Website : www.rbcgam.com.
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Media Contact:
Gillian McArdle, 416 974 5506, gillian.mcardle@rbc.com
Investor Relations:
Josie Merenda, RBC, 416 955 7803, josie.merenda@rbc.com
Karen McCarthy, RBC, 416 955 7809, karen.mccarthy@rbc.com
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