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RBC to acquire Mourant Private Wealth

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Royal Bank of Canada has signed an agreement to acquire Mourant Private Wealth, the 47 employee private client trust business of Mourant Limited, whose group of businesses includes offs

Royal Bank of Canada has signed an agreement to acquire Mourant Private Wealth, the 47 employee private client trust business of Mourant Limited, whose group of businesses includes offshore law firm Mourant du Feu & Jeune. 

Mourant Private Wealth is based in Jersey with operations in Dubai and Cayman.

Completion of the transaction remains subject to regulatory approval but is expected to close in early 2009. Terms of the transaction were not disclosed.

In the British Isles, RBC Wealth Management employs just under 1,500 staff and has assets under administration of GDP63bn. 

The acquisition of Mourant Private Wealth is expected to add more than GDP3.5bn in assets under administration to RBC Wealth Management.

Paul Patterson, head of RBC Wealth Management, British Isles, says: ‘Mourant Private Wealth brings to RBC Wealth Management a dedicated focus on trust, experienced professionals and a terrific cultural fit and philosophy.

‘This transaction advances our long-term strategy to build further on our core business of integrated private wealth management services to international clients by hiring experienced professionals with strong client relationships. We believe that the wealth management sector will continue to be a growing market in the years ahead as global economies develop and populations mature, which will present many opportunities for our clients, our people and our shareholders.’

Nicola Davies, group chief executive of Mourant, adds: ‘We have enjoyed a close working relationship with RBC for over 45 years.  This transaction is a good solution for the clients and employees of Mourant Private Wealth by giving them access to RBC’s global network and international wealth management expertise.’

The acquisition of Mourant Private Wealth follows RBC Wealth Management’s acquisitions of Ernst & Young’s trust businesses in Jersey and Guernsey in January 2000 and the acquisition of Abacus Financial Services Group in Jersey, Guernsey, London, Edinburgh and Cheltenham in November 2005.

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