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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Gillian McArdle, 416 974 5506, firstname.lastname@example.org