Royal Bank of Canada (RBC) to acquire investment advisor servicing business of JPMorgan Chase

Royal Bank of Canada (RBC), a diversified financial services group, has signed a definitive agreement to acquire third party registered investment advisor servicing business (IAS) of JPMorgan Chase & Co., a US-based financial holding company.

Upon completion of the transaction, IAS will be renamed and become part of RBC Advisor Services, which is a unit of RBC Wealth Management's US division.

The acquisition is expected to close in the second quarter of 2010.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Announced: 2009-09-29

Deal Participants

Target (Company)   JPMorgan Chase & Co. - Third Party Registered Investment Advisor Servicing Business
Acquirer (Company) Royal Bank of Canada
Vendor (Company)   JPMorgan Chase & Co.

Deal Rationale

The acquisition of IAS will expand the breadth and depth of RBC Wealth Management's offering to highly successful third party registered investment advisor (RIA) and will enhance its competitive position in the high end of the RIA custody marketplace. The acquisition represents an important step in RBC Advisor Services quest to become the finest investment advisory and wealth management firm in the US and marks the latest step in RBC Wealth Management's ongoing expansion in the US.

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