Royal Bank of Canada has completed the acquisition of Mourant Private Wealth, an international private client trust business, with operations in Jersey, Dubai and Cayman, from Mourant Ltd.

The deal closed Friday 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 has added more than £3.5 billion ($6.25 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 £66.5 billions and more than £260 billion on a global basis.

“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,” said Paul Patterson, head of RBC Wealth Management in the British Isles.

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.

IE