RBC To Acquire Blueray Asset Management
RBC Wealth Management continues to expand asset management capabilities
By: PR Newswire
Oct. 18, 2010 02:15 AM
TORONTO AND LONDON,
Under the terms of the acquisition, BlueBay shareholders will be entitled to receive
The Board of BlueBay has unanimously recommended that its shareholders vote in favour of the acquisition. It is anticipated that, subject to the satisfaction of all regulatory and other conditions, the acquisition will close by the end of
BlueBay is one of
"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," said
"Both management teams are excited by a shared vision of investment performance excellence and the exceptional growth opportunities which a combination of our two firms offers," said
"Our board is unanimously recommending this combination with RBC because of the clear benefits it affords the firm's shareholders, clients and employees," said Hans-Jorg Rudloff, chairman of BlueBay.
"RBC's strength and stability make it an ideal partner for BlueBay," said
Today's announcement follows RBC Wealth Management's announcement in September that it will be moving from three geographic wealth management businesses to four (
A conference call is scheduled to take place on
A recording of the conference call will be available after
Information related to this announcement will be available at: www.rbc.com/investorrelations.
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) and RBC Global Asset Management (U.S.) Inc. The group of companies forms the asset management division of Royal Bank of
RBC Global Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in
About BlueBay Asset Management
Founded in 2001, BlueBay Asset Management plc provides investment management services primarily to institutional investors and manages a combination of long-only and alternative products across the sub-asset classes of investment grade corporate debt, high yield corporate debt, emerging market debt, convertible bonds, distressed debt and multi-strategy debt strategies.
Listed on the London Stock Exchange since
This announcement is not intended to and does not constitute an offer to sell, or form part of, or constitute the solicitation of an offer to purchase or subscribe for or an invitation to purchase, any securities. The acquisition of BlueBay will be made solely by means of a court-approved arrangement which will contain the full terms and conditions of the acquisition. BlueBay shareholders are advised to read the formal documentation in relation to the acquisition carefully, once it has been dispatched.
Perella Weinberg Partners UK LLP and RBC Capital Markets, which are authorized and regulated in the
Forward looking statements
Certain statements contained in this announcement may be deemed to be "forward-looking statements" under certain securities laws, including the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. These forward-looking statements include, but are not limited to, statements about the expected effects of the acquisition of BlueBay, the expected timing and scope of the acquisition and other statements other than in relation to historical facts. Forward-looking statements are typically identified by words such as "believe", "expect", "foresee", "forecast", "anticipate", "intend", "estimate", "goal", "plan", and "project" and similar expressions of future or conditional verbs such as "will", "may", "should", "could", or "would".
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not be achieved. BlueBay and RBC caution readers not to place undue reliance on these statements as a number of important factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. These factors include, but are not limited to, the satisfaction of the conditions to the Acquisition and additional factors, such as: local and global political and economic conditions; foreign exchange rate fluctuations and interest rate fluctuations (including those from any potential credit rating decline) and legal or regulatory developments and changes. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. We caution that the foregoing list of important factors is not exhaustive. Neither BlueBay nor RBC undertake any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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