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December 20, 2010updated 04 Apr 2017 3:51pm

RBC seals Bluebay AM buy-out

Royal Bank of Canada has acquired Bluebay Asset Management (AM), adding about $40bn in assets under management (AuM) and 200 employees to the banks asset management arm The deal will bring a greater range of asset management solutions to RBCs global clients, particularly for Europe and Asia expansion, the bank said Bluebay, a London-based investment solutions provider of fixed income credit funds and products in Europe, said it will capitalise on RBCs financial support and distribution strength

By Eman El-shenawi

Royal Bank of Canada has acquired Bluebay Asset Management (AM), adding about $40bn in assets under management (AuM) and 200 employees to the bank’s asset management arm. 

The deal will bring a greater range of asset management solutions to RBC’s global clients, particularly for Europe and Asia expansion, the bank said.

Bluebay, a London-based investment solutions provider of fixed income credit funds and products in Europe, said it will capitalise on RBC’s financial support and distribution strength.

AuM at RBC Global Asset Management (RBC GAM) stood at about $203bn to 31 October 2010.

The Bluebay acquisition is the latest in the push for RBC’s strategy to strengthen its global wealth management franchise. 

 

Bluebay buy follows Fortis HK purchase

RBC acquired Fortis Wealth Management business in Hong Kong last month, dubbed a strong strategic and cultural fit by the bank.

Fortis bank, believed to have client assets of $1.8bn and $16m in revenues, introduced 16 client facing professionals and 30 support staff to RBC’s Asia-Pacific operations.

In February 2009, RBC bought Mourant Private Wealth, a private client trust business with operations in Jersey, Dubai and the Cayman Islands.

 

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