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.
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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.
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By GlobalDataBluebay 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.
