Royal Bank of Canada (RY) and New York-based JPMorgan Chase & Co. (JPM) Tuesday jointly said that Royal Bank of Canada would acquire J.P. Morgan's Third Party Registered Investment Advisor Servicing Business. Terms of the transaction, which is expected to close in the second quarter of 2010, were not disclosed.
Upon completion of the transaction, Investment Advisor Servicing Business will be renamed and become part of Royal Bank of Canada Advisor Services, which is a unit of the company's Wealth Management's U.S. Division. The move is considered as the latest step in the company's ongoing expansion in the U.S.
Mike Kavanagh, chief administrative officer & head, Independent Business Channels at RBC Wealth Management said, "The acquisition of IAS will expand the breadth and depth of our offering to highly successful third party RIAs , and will enhance our competitive position in the high end of the RIA custody marketplace."
Operating under the master brand name RBC, Royal Bank of Canada and its subsidiary have recruited more than 300 financial consultants this fiscal year, which is the highest in a single year.
Commenting on the acquisition, John Taft, head of RBC Wealth Management, U.S. Division said, "Growing and enhancing RBC Advisor Services is a strategic priority for our firm, and this acquisition represents an important step in our quest to become the finest investment advisory and wealth management firm in the U.S."
RBC Advisor Services specializes in providing custody and clearing services to high performing third party Registered Investment Advisor's or RIAs.
RY is currently trading at $53.15, down $0.35 or 0.65%, on a volume of 0.25 million shares.
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