RBC Global Services announced today that it has been selected by Assante Asset Management Ltd. to provide custody and investment administration services for its funds, with total assets of approximately $8 billion.
Assante is a subsidiary of CI Fund Management Inc., which is an existing cutomer of RBC Global Services.
“Securing RBC Global Services as our provider of custody and administrative services is another example of how we are able to leverage our relationship with CI to enhance the efficiency of our operations and benefit our clients by reducing the operating expenses of the funds,” said Joe Canavan, president and CEO of Assante, in a news release.
With this latest mandate, RBC Global Services will provide outsourcing services for all investment funds at CI, including those of CI Mutual Funds Inc. and Skylon Capital Corp.
According to RBC Global Services, the CI relationship continues to be the largest of its kind in the Canadian market, with RBC supplying custody and investment administration services for CI investment fund assets totaling approximately $43 billion.