Royal Bank of Canada to Acquire Yarra Capital Management
RBC plans to buy Australian firm Yarra Capital Management, expanding its global asset management footprint in the Asia-Pacific region.
Royal Bank of Canada announced Monday it has reached an agreement to acquire Yarra Capital Management, an Australian investment management firm, in a move the Toronto-based bank described as a strategic expansion of its global asset management operations.
The deal is intended to accelerate the growth ambitions of RBC Global Asset Management and deepen the bank's commitment to the Australian investment management market, according to the company statement. Financial terms of the transaction were not disclosed in the announcement.
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Yarra Capital Management is an established player in Australia's asset management industry, and the acquisition would give RBC a more direct presence in a market it has sought to build out as part of its broader international strategy. The Asia-Pacific region has become an increasingly competitive arena for major global asset managers seeking fee revenue diversification beyond North American markets.
The agreement underscores a wider trend among large Canadian financial institutions to extend their reach into foreign wealth and asset management markets. RBC, one of Canada's largest banks by assets, has steadily expanded RBC Global Asset Management's international profile through organic growth and targeted acquisitions in recent years.
No timeline for regulatory approvals or closing conditions was specified in the initial announcement. Continue reading at All Financial Services & Investing.
