Royal Bank of Canada (TSX:RY) and New York-based J.P. Morgan announced Tuesday the closing of a transaction that sees RBC acquire the third-party registered investment advisor business of J.P. Morgan Securities Inc.


The division, known as IAS, has been renamed and has become a part of RBC Advisor Services, a unit of RBC US Wealth Management. RBC Advisor Services specializes in providing custody and clearing services to RIAs. Details of the transaction were not disclosed.

“This acquisition marks a significant step forward in our mission to be the premier custody and brokerage partner of choice for third party advisors at the high end of the marketplace,” said John Taft, CEO of RBC US Wealth Management.

“The closing of this acquisition represents the latest move in RBC Wealth Management’s ongoing expansion in the U.S. We see a unique opportunity for growth in the Advisor Services business and look forward to continuing to strategically expand and enhance our offerings.”

RBC expands U.S. wealth management group
September 29, 2009