Strategic move expands Voyageur Asset Management's Capabilities into
Socially Responsible Investing
MINNEAPOLIS and BOSTON, June 10 /CNW/ - Royal Bank of Canada (RY on NYSE
and TSX) and Boston-based Access Capital Strategies, LLC (Access Capital)
today announced the signing of a definitive acquisition agreement under which
Voyageur Asset Management Inc. will acquire certain assets of Access Capital.
The details of the transaction were not disclosed. The acquisition is
subject to regulatory approvals and other customary conditions and is expected
to be completed by the third fiscal quarter 2008.
Founded in 1997, Access Capital operates as an independent SEC-registered
investment adviser serving banks and related financial institutions, public
pension funds, foundations, endowments and community trusts. The firm manages
the Access Capital Strategies Community Investment Fund (Ticker: XACSX) which
invests in debt securities that support community development serving low and
moderate-income individuals and communities across the U.S. These activities
include investment in home ownership, affordable housing, education, community
health centers and small businesses. Access Capital has more than
US$650 million in assets under management.
"Increasingly, clients are seeking investment opportunities that are
consistent with their values," said Mike Lee, president and chief investment
officer of Voyageur, which has sub-advised the fund since 2006. "The Access
Capital Community Investment Fund provides clients with the ability to target
investments by income and region, pinpointing where their investment can make
a positive impact in a community."
Access Capital represents a strong strategic fit for Voyageur and helps
RBC to build a U.S. presence and increase its activities in socially
responsible investment assets. RBC is listed on the 2007-2008 Dow Jones
Sustainability Index, which recognizes the world's financial, social and
environmental corporate leaders, as well as the Jantzi Social Index and the
"Access Capital and Voyageur have developed an innovative partnership
combining extensive community investment expertise and fixed income portfolio
management and I look forward to becoming a part of the Voyageur team and
building on that success," said Ron Homer, chief executive officer of Access
"Access Capital has built a strong reputation for effectively leveraging
our clients' assets through vital community investments without sacrificing
total returns," added David Sand, president and chief investment officer of
Access Capital. "I'm excited to continue the Community Investment Fund's
10-year history of serving our clients and communities as a part of the
About Global Asset Management and RBC Wealth Management
Global Asset Management comprises RBC Asset Management Inc. (RBC AM),
Phillips, Hager & North Investment Management Ltd. (PH&N) and Voyageur Asset
Founded in 1983, Voyageur Asset Management Inc. is an SEC-registered
investment adviser headquartered in Minneapolis, MN. It is an institutional
asset management company with US$34 billion in assets under management,
offering equity and fixed income investment strategies. For more information,
please visit www.voyageur.net.
Global Asset Management is part of RBC Wealth Management, which directly
serves affluent and high net worth clients in Canada, the United States, Latin
America, Europe and Asia, and provides asset management and trust products and
services directly and through RBC partners and third-party distributors. RBC
Wealth Management has nearly $500 billion of assets under administration, more
than $240 billion of assets under management, and more than 3,600 financial
consultants, advisors, private bankers and trust officers.
About Royal Bank of Canada
RBC (RY on NYSE and TSX) is the 5th-largest bank in North America and one
of the top 25 largest banks in the world as measured by market capitalization.
In the United States, RBC provides personal and commercial banking, insurance,
full-service brokerage and corporate and investment banking services to about
two million clients through RBC Bank, RBC Insurance, RBC Wealth Management,
and RBC Capital Markets. The company employs approximately 70,000 full and
part-time employees who serve more than 15 million personal, business, public
sector and institutional clients throughout offices in North America and 36
countries around the world. In 2007, the company released the RBC
Environmental Blueprint, outlining its environmental priorities and
objectives. In 2007, RBC was named Canada's top corporate citizen, and in
2008, was named one of the top 100 sustainable companies in the world. For
more information, please visit www.rbc.com.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release may be deemed to be
forward-looking statements under certain securities laws, including the "safe
harbor" provisions of the United States Private Securities Litigation Reform
Act of 1995 and in any applicable Canadian securities legislation, and Royal
Bank of Canada intend that such forward-looking statements be subject to the
safe-harbor created thereby.
These forward-looking statements include, but are not limited to
statements with respect to the acquisition of Access Capital by Voyageur Asset
Management. Forward-looking statements are typically identified by words such
as "believe", "expect", "forecast", "anticipate", "intend", "estimate", "plan"
and "project" and similar expressions of future or conditional verbs such as
"will", "may", "should", "could", or "would".
By their very nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties, which give
rise to the possibility that our predictions, forecasts, projections,
expectations and other forward-looking information, including statements about
the acquisition of Access Capital by Voyageur Asset Management will not be
achieved. We caution readers not to place undue reliance on these statements
as a number of important factors could cause our actual results to differ
materially from the expectations expressed in such forward-looking statements.
These factors include, but are not limited to the possibility that the
proposed transaction does not close when expected or at all because required
regulatory, shareholder or other approvals are not received or other
conditions to the closing are not satisfied on a timely basis or at all, that
the Voyageur and Access Capital may be required to modify the terms and
conditions of the proposed transaction to achieve regulatory approval, or that
the anticipated benefits of the transaction are not realized as a result of
such things as the strength of the economy and competitive factors in the
areas where Voyageur does business; the impact of changes in the laws and
regulations regulating financial services and enforcement thereof (including
banking, insurance and securities); judicial judgments and legal proceedings;
Voyageur's ability to complete the acquisition of Access Capital and to
integrate it with Voyageur successfully; reputational risks, and other factors
that may affect future results of Voyageur and Access Capital, including
changes in trade policies, timely development and introduction of new products
and services, changes in tax laws, and technological and regulatory changes.
We caution that the foregoing list of important factors is not exhaustive.
Additional information about these and other factors can be found in Royal
Bank of Canada's 2007 Annual Report.
Except as required by law, RBC, Voyageur and Access Capital assume no
obligation to update the forward-looking statements contained in this press
For further information:
For further information: RBC/Voyageur: Kevin Foster, (212) 428-6902;
Beja Rodeck, (416) 974-5506; Investor Contacts: Amy Cairncross, RBC, (416)
955-7809; For general investor relations information please visit: