Royal Bank of Canada today announced that it has acquired a 10% interest in O’Shaughnessy Asset Management, L.L.C., an independent money manager based in Stamford, Conn.

Financial terms of the agreement were not disclosed.

The firm runs a series of RBC O’Shaughnessy equity mutual funds.

“We’re excited about this opportunity to deepen our partnership with O’Shaughnessy Asset Management. Jim O’Shaughnessy and his team have delivered strong performance for our unitholders over the past ten years and we look forward to continuing our relationship,” says Brenda Vince, president, RBC Asset Management Inc.

“I have developed tremendous respect for RBC in our 10-year partnership and I am pleased to welcome RBC as a shareholder in O’Shaughnessy Asset Management,” says Jim O’Shaughnessy, chairman and CEO of O’Shaughnessy Asset Management.