Royal Bank of Canada and Boston-based Access Capital Strategies, LLC today announced the signing of a definitive acquisition agreement under which Voyageur Asset Management Inc. will acquire certain assets of Access Capital.

The details of the transaction were not disclosed. The acquisition is subject to regulatory approvals and other customary conditions and is expected to be completed by the third fiscal quarter 2008.

Founded in 1997, Access Capital operates as an independent SEC-registered investment adviser serving banks and related financial institutions, public pension funds, foundations, endowments and community trusts. The firm manages Access Capital Strategies Community Investment Fund which invests in debt securities that support community development serving low and moderate-income individuals and communities across the U.S. These activities include investment in home ownership, affordable housing, education, community health centers and small businesses. Access Capital has more than US$650 million in assets under management.

“Increasingly, clients are seeking investment opportunities that are consistent with their values,” says Mike Lee, president and chief investment officer of Voyageur, which has sub-advised the fund since 2006. “The Access Capital Community Investment Fund provides clients with the ability to target investments by income and region, pinpointing where their investment can make a positive impact in a community.”

RBC says Access Capital represents a strong strategic fit for Voyageur and helps RBC to build a U.S. presence and increase its activities in socially responsible investment assets.

Founded in 1983, Voyageur is an SEC-registered investment adviser headquartered in Minneapolis. It is an institutional asset management company with US$34 billion in assets under management, offering equity and fixed income investment strategies.

Voyageur is part of Global Asset Management, which is part of RBC Wealth Management.