Yarra Capital acquired by Canadian asset manager

Résumé détaillé

Canadian asset manager RBC Global Asset Management (RBC GAM) has acquired Australian active fund manager Yarra Capital Management, which specialises in fixed income, equities and…

Canadian asset manager RBC Global Asset Management (RBC GAM) has acquired Australian active fund manager Yarra Capital Management, which specialises in fixed income, equities and alternatives.

RBC GAM is the public investment management division of the Royal Bank of Canada (RBC) with C$800bn ($818bn) of assets under management and presence in North America, Europe and the Asia-Pacific region.

RBC is focused on diversifying its market share outside of North America and said it is committed to growing in Australia and the Asia-Pacific region, and the proposed transaction will strengthen the bank's position as a leading global asset manager.

RBC Global Asset Management chief executive Damon Williams said Yarra's investment and distribution capabilities complement the asset management business.

"Yarra's reputation within Australian fixed income and equities is a testament to its strong track record in investment performance and culture of putting clients first," Williams said.

"We know Australian institutional investors and intermediaries take a globally oriented approach to asset allocation. We believe the strength of our investment capabilities that go beyond domestic borders within fixed income, equities and alternatives are well-positioned to support this investor appetite."

The transaction will broaden Yarra and RBC GAM product range available to Australian and international clients, and support further investment in product development and channel expansion.

While no financial details of the transaction were disclosed, Yarra will become a wholly-owned subsidiary of Royal Bank of Canada and its current shareholders TA Associates and Amova Asset Management will exit.

Yarra was founded in 2017 and has approximately $18 billion in assets under management as at September with approximately 75 employees.

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