RBC to acquire Mourant Private Wealth
19 December 2008
JERSEY, Channel Islands, December 19, 2008 — Royal Bank of Canada (RBC) – RY on NYSE and TSX – today announced it has signed an agreement to acquire Mourant Private Wealth, the 47 employee private client trust business of Mourant Limited (Mourant), whose group of businesses includes one of the leading offshore law firms Mourant du Feu & Jeune. Mourant Private Wealth is based in Jersey with operations in Dubai and Cayman. Completion of the transaction remains subject to regulatory approval but is expected to close in early 2009. Terms of the transaction were not disclosed.
In the British Isles, RBC Wealth Management employs just under 1500 staff and has assets under administration of £63 billion. The acquisition of Mourant Private Wealth is expected to add more than £3.5 billion in assets under administration to RBC Wealth Management.
RBC Wealth Management is recognized as the leading provider of trust services in the British Isles – RBC was voted Number One Trust Services Provider in the UK in Euromoney’s Private Banking Awards, 2008, 2007, 2006. With the completion of this latest acquisition, RBC Wealth Management will have over 800 trust professionals.
Paul Patterson, Head of RBC Wealth Management, British Isles, said “Mourant Private Wealth brings to RBC Wealth Management a dedicated focus on trust, experienced professionals and a terrific cultural fit and philosophy.”
“This transaction advances our long-term strategy to build further on our core business of integrated private wealth management services to international clients by hiring experienced professionals with strong client relationships,” said Mr. Patterson. “We believe that the wealth management sector will continue to be a growing market in the years ahead as global economies develop and populations mature, which will present many opportunities for our clients, our people and our shareholders.”
Nicola Davies, Group CEO, Mourant, said “We have enjoyed a close working relationship with RBC for over 45 years. This transaction is a good solution for the clients and employees of Mourant Private Wealth by giving them access to RBC’s global network and international wealth management expertise.”
This transaction is the latest in a series of deals completed by RBC as it continues to build its international presence. The acquisition of Mourant Private Wealth follows RBC Wealth Management’s successful acquisitions of Ernst & Young’s trust businesses in Jersey and Guernsey in January 2000 and the acquisition of Abacus Financial Services Group Limited in Jersey, Guernsey, London, Edinburgh and Cheltenham in November 2005.
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