View more on these topics

RBC Wealth set to buy BlueBay Asset for £960m

Royal Bank of Canada Wealth Management is to acquire London-based BlueBay Asset Management for £963m.

BlueBay shareholders will receive 485p per share from Canada’s biggest bank by market size.

This is a 29 per cent premium on the 375p-a-share price which the stock ended up at when the markets closed on Friday last week.

BlueBay, a Mayfair-based fixed-income and debt funds specialist, will retain investment autonomy and will still operate independently following RBC’s £963m acquisition.

Oriel Securities analyst Keith Baird said in a morning report that the offer was likely to be accepted. Commenting on the £963m deal, Baird says: “This price looks very full and may not leave room for any counter-bidders.”

The group’s shares surged by 30 per cent from Friday’s market close when the news was announced on Monday, jumping from 375p a share to 488p in morning trading.

RBC Wealth Management group head George Lewis says: “This acquisition will further RBC’s strategy to leverage our position as a top-10 global wealth manager and continue to expand our asset management solutions for the benefit of our clients around the world.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm