(April 3 – 09:45 ET) JB Oxford Holdings, Inc., a U.S. discount brokerage firm, has signed a definitive agreement to purchase certain assets from Bull & Bear Securities, Inc., a subsidiary of Royal Bank of Canada.

Financial details of the cash acquisition were not disclosed.

Founded in 1984, New York City-based Bull & Bear has approximately $250 million in assets and 23,000 customer accounts in all 50 U.S. states.

“JB Oxford & Company is a natural fit for the clients of Bull & Bear,” said JB Oxford president Jamie Lewis. “This combination is a win-win for both firms, as JB Oxford gains additional scale to compete long term and Bull & Bear’s customers benefit from JB Oxford’s dedication to providing outstanding, one-on-one service at discount rates.”

“We were seeking a buyer who would be able to provide the same level of service that Bull & Bear clients have come to expect,” said Bill Hatanaka, chief operating officer of RBC Investments, the wealth management division of Royal Bank of Canada. “We’re confident that the employees and clients will benefit from this move.”