RBC acquires ten per cent of O'Shaughnessy Asset Management

    TORONTO, June 23 /CNW/ - Royal Bank of Canada today announced that it has
acquired a ten per cent interest in O'Shaughnessy Asset Management, L.L.C.
    "We're excited about this opportunity to deepen our partnership with
OSAM. Jim O'Shaughnessy and his team have delivered strong performance for our
unitholders over the past ten years and we look forward to continuing our
relationship," said Brenda Vince, president, RBC Asset Management Inc.
    "I have developed tremendous respect for RBC in our ten-year partnership
and I am pleased to welcome RBC as a shareholder in O'Shaughnessy Asset
Management," said Jim O'Shaughnessy, chairman and chief executive officer of
    Financial terms of the agreement were not disclosed.

    About O'Shaughnessy Asset Management

    O'Shaughnessy Asset Management is a Stamford, Connecticut-based
quantitative money management firm. The firm delivers a broad range of equity
portfolios to institutional investors and the high net-worth clients of
financial advisors. O'Shaughnessy Asset Management also serves as a
sub-advisor to a family of mutual funds through RBC Asset Management, a
subsidiary of Royal Bank of Canada. The firm's investment strategies are based
on the research of Chairman and CEO James P. O'Shaughnessy, widely regarded as
a pioneer in quantitative equity analysis. Mr. O'Shaughnessy and his team have
identified the characteristics that have led to successful investing over the
last fifty years, and it is these characteristics that form the foundation of
the firm's strategies. As of May 31, 2008 O'Shaughnessy Asset Management
managed US$9.6 billion. For more information, visit www.osam.com.

    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) in Canada and
Voyageur Asset Management Inc. in the U.S. Combined, RBC AM and PH&N have
C$111 billion in IFIC-reported mutual fund assets under management and an
additional C$56 billion in other institutional and private client assets under
management. RBC AM and PH&N received the Lipper Awards for "Best Overall Fund
Group" and "Best Bond Family" in Canada respectively for the second
consecutive year in 2008.
    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. RBC Wealth Management also provides asset management
and trust products and services directly and through RBC and third-party
distributors to all client segments, and has C$500 billion of assets under
administration, more than C$240 billion of assets under management and more
than 4,000 financial consultants, advisors, private bankers and trust

    About RBC

    Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name of RBC. We are Canada's largest bank as measured
by assets and market capitalization and one of North America's leading
diversified financial services companies. We provide personal and commercial
banking, wealth management services, insurance, corporate and investment
banking and transaction processing services on a global basis. Our corporate
support team enables business growth with expert professional advice and
state-of-the art processes and technology. We employ approximately 75,000
full- and part-time employees who serve more than 16 million personal,
business, public sector and institutional clients throughout offices in
Canada, the U.S. and 45 other countries around the world. For more
information, please visit www.rbc.com.

For further information:

For further information: Media contacts: Rina Cortese, RBC Wealth
Management, (416) 974-6970; Jackie Braden, RBC, Media Relations, (416)
974-2124; Chris Dotson, PH&N Communications, (604) 408-6009; Amanda Schuneman,
O'Shaughnessy Asset Management, (617) 520-7079, ASchuneman@WeberShandwick.com

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890