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."
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.
James Colburn, RBC, Investor Relations, (416) 955-7808
For general investor relations information please visit: www.rbc.com/investorrelations.