TORONTO (Reuters) - Royal Bank of Canada, in a sustained drive to expand in the United States, said on Tuesday it has changed the name of its U.S. asset management business to RBC Global Asset Management (U.S.).
The change, from Voyageur Asset Management Inc, reflects a bid by Canada’s largest bank to develop its presence for U.S. clients by adopting its global asset management business platform.
The bank sees the change building on the growing RBC global brand, giving two-way distribution of existing capabilities between RBC’s U.S. and global markets and creating the potential for global products.
“There is absolutely demand from clients for global solutions and more complicated risk based solutions,” Mike Lee, president and chief executive at RBC Global Asset Management (U.S.), told Reuters by telephone.
Lee said further announcements were likely in the year about added capabilities and new products, including what will eventually be a suite of global fixed income products.
RBC Global Asset Management (GAM) comprises the three asset management firms owned by Royal Bank of Canada: RBC GAM (U.S.), RBC Asset Management Inc, and Phillips, Hager & North Investment Management Ltd. It had combined assets of more than $200 billion as of October 31 in the United States and Canada.
As of October 31, RBC GAM (U.S.) had $43 billion in assets under management.
Reporting by Pav Jordan; editing by Rob Wilson