RBC Dexia Investor Services announced Wednesday that it has been selected by RBC Global Asset Management to provide custody and trustee services to Canadian investment management company Phillips, Hager & North.

The total value of the new mandate is $40 billion. The asset transition is expected to be completed by April 1, 2010.

“RBC Dexia’s comprehensive range of solutions as well as the global scope and scale of their operations are complementary to our business,” said John Montalbano, CEO of RBC Global Asset Management. “Their high quality client service and rigorous risk management capabilities will be integral to RBC Global Asset Management as we continue to expand on our investment solutions platform worldwide.”

John Lockbaum, managing director, Canada for RBC Dexia Investor Services, said the firm is pleased with the new mandate.

“We can help synergize their institutional business and RBC Asset Management’s retail business and provide efficiency and value for all their custodial needs,” he said.

IE