JERSEY, Channel Islands, Feb. 27 /CNW/ - Royal Bank of Canada (RBC) - RY
on NYSE and TSX - today announced that it has completed the acquisition of
Mourant Private Wealth, the multi-award winning international private client
trust business, with operations in Jersey, Dubai and Cayman, from Mourant
Limited, whose group of businesses includes one of the leading offshore law
firms Mourant du Feu & Jeune. The deal closed today after receiving regulatory
approval. Terms of the transaction were not disclosed.
The acquisition of Mourant Private Wealth means that RBC Wealth
Management now employs over 1,000 people in Jersey, making RBC Wealth
Management one of the largest financial services employers in the
jurisdiction. In addition, RBC Wealth Management employs over 300 people in
Guernsey and a further 200 people in London, Cheltenham and Edinburgh.
The acquisition of Mourant Private Wealth has added more than GBP 3.5
billion in assets under administration to RBC Wealth Management, bringing the
firm's wealth management assets under administration in the British Isles to
more than GBP 66.5 billion and more than GBP 260 billion on a global basis.
With close to 800 trust professionals, RBC Wealth Management is
recognized as a leading provider of trust services. RBC was voted Number One
Trust Services Provider in the UK in Euromoney's Private Banking Awards, 2008,
2007 and 2006. RBC Wealth Management is also recognized as one of the top 25
global private banks in the world.
Paul Patterson, Head of RBC Wealth Management in the British Isles, said:
"Our latest acquisition and on-going client-facing staff hiring programme
demonstrates RBC's commitment to developing our British Isles wealth platform.
We are always looking for quality teams or for small acquisitions to add to
"This transaction advances our long-term strategy to build further on our
core business of providing integrated global wealth management services and
solutions to international clients by hiring experienced professionals with
strong client relationships," continued Mr. Patterson.
Steve Romeril, RBC Wealth Management's Head of Trust in the British Isles
said: "This latest deal cements a 45 year close working relationship between
RBC Wealth Management and Mourant and will give clients of Mourant Private
Wealth access to RBC's global network and international wealth management
The Mourant acquisition is the third Channel Islands-based trust business
bought by RBC Wealth Management this decade, following the purchase of Ernst &
Young's Jersey and Guernsey trust businesses in 2000 and Abacus Financial
Services Group Limited in 2005.
About RBC Wealth Management
The international arm of RBC Wealth Management services over 35,000 high
net worth individuals and institutions through 35 offices in the British
Isles, Continental Europe, Asia, the Middle East, the Caribbean, Latin America
and North America. RBC Wealth Management provides integrated and diversified
international wealth management expertise and solutions, asset management and
trust services to high net worth individuals and to corporate and
institutional clients. Services provided by RBC Wealth Management consultants,
advisors, private bankers and trust officers include trust and estate
planning, tax advice, discretionary investment management and investment
advisory services, structured solutions, banking, lending and global custody.
For more information, please visit www.rbcwminternational.com.
RBC Wealth Management is a segment of RBC, which directly serves affluent
and high net worth clients and provides asset management products and services
to institutional and individual clients. The business has more than C$450
billion of assets under administration, more than C$220 billion of assets
under management and more than 4,000 financial consultants, advisors, private
bankers and trust officers.
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate
under the master brand name RBC. We are Canada's largest bank as measured by
assets and market capitalization, one of North America's leading diversified
financial services companies and among the largest banks in the world, as
measured by market capitalization. We provide personal and commercial banking,
wealth management services, insurance, corporate and investment banking and
transaction processing services on a global basis. We employ more than 80,000
full- and part-time employees who serve more than 18 million personal,
business, public sector and institutional clients through offices in Canada,
the U.S. and 52 other countries. For more information, please visit
For further information:
For further information: Greentarget: Anna Watson/Phillippa Cantrill,
Tel: +44 (0)20 7680 5052/+44 (0)20 7680 5063; RBC Wealth Management
Communications: Sanam Alaghband, Communications Executive, RBC Wealth
Management, Tel: +44 (0)20 7002 2013, email@example.com; Beverley Weber,
RBC Head of Communications, Europe & Asia, Tel: +44 (0)20 7029 7685,
firstname.lastname@example.org; RBC Investor Relations: Josie Merenda, RBC, Director
of Investor Relations, Tel: (416) 955-7809, email@example.com; Or visit
the site: www.rbc.com/investorrelations