Royal Bank of Canada today announced completion of its acquisition of Phillips, Hager & North Investment Management Ltd. (PH&N).
The deal creates the largest retail mutual fund company in Canada with more than $105 billion in mutual fund assets under management as at March 31, 2008.
In addition to forming Canada’s largest retail mutual fund company, the combination of PH&N’s Discretionary Private Client business and RBC Private Counsel creates one of the largest private client investment counselling businesses in Canada, with market strengths coast-to-coast, and notably in Western Canada.
RBC also becomes one of the top five managers in the Canadian institutional market for defined benefit and defined contribution pension plans, and a leading provider to endowments and foundations.
“By leveraging the respective strengths of RBC and PH&N, we will be in a position to better serve the needs of our institutional, discretionary and mutual fund clients,” says John Montalbano, who became CEO of RBC Asset Management today. In this role, which was previously held by George Lewis, Group Head of RBC Wealth Management, Montalbano will lead the combined asset management business.
The transition is expected to create significant benefits for clients in terms of advice, expertise and investment options. Both the RBC Asset Management and PH&N brands will continue within the combined organization.
RBC completes acquisition of PH&N
- By: IE Staff
- May 1, 2008 December 14, 2017
- 15:15