RBC Global Asset Management (RBC GAM) and BlackRock Asset Management Canada (BlackRock Canada) have teamed up to create a new unified ETF brand called RBC iShares.

The partnership brings together 106 BlackRock Canada-managed solutions and 44 RBC GAM-managed solutions under one roof.

The suite comprises index, smart beta, as well as actively managed products, together managing $60bn in assets.

The two companies will provide unified distribution support and service model for the new brand and will jointly develop new offerings.

However, the firms will continue to operate as separate legal entities. They will have separate fund management and portfolio advisory responsibilities.

BlackRock head of US & Canada iShares Martin Small said: “Around the world, iShares is known for the breadth of its ETF offerings, technology operating expertise, and investor education, while RBC Global Asset Management is the leader in Canadian mutual funds and has built a leading franchise developing innovative solutions.

“Our aspiration is to champion a new standard for the Canadian ETF market by providing the best solutions and service and help grow the industry through innovative tools and technology for existing and new managers.”

In view of the latest move, RBC GAM intends to combine some RBC ETFs with iShares ETFs, and terminate the RBC Emerging Markets Equity Index ETF.

It also plans to change the investment objectives of RBC Index Funds to enable them to invest in iShares ETFs.

The aim, RBC GAM said, is to simplify the RBC iShares offering and capture economies of scale.