Royal Bank of Canada has completed its acquisition of Tucker Anthony Sutro and has begun to integrate the firm with its U.S. broker-dealer subsidiary, Dain Rauscher Inc., to create the ninth largest full-service brokerage firm in the U.S.

The acquisition has been approved by Tucker Anthony Sutro shareholders and regulators in the United States and Canada.

Each share of Tucker Anthony Sutro common stock has converted into the right to receive US$24 in cash. The transaction is valued at approximately US$625 million.

“With the addition of Tucker Anthony Sutro, we are in position to serve clients from coast to coast,” said Irv Weiser, chairman and CEO at Dain Rauscher. “We look forward to operating under a common brand when all Tucker Anthony Sutro offices convert to RBC Dain Rauscher early next year.”

Effective November 1, Dain Rauscher will change its name to RBC Dain Rauscher as part of RBC Financial Group’s global brand strategy. At the same time, Dain Rauscher’s equity capital markets division, Dain Rauscher Wessels, will be renamed RBC Capital Markets to reflect the restructuring of RBC’s corporate and investment banking business in North America.

“RBC Dain Rauscher will continue to drive our wealth management business strategy in the United States,” said Gord Nixon, Royal Bank’s president and CEO. “The addition of Tucker Anthony Sutro gives us the scope to deliver our services on a national scale, while maintaining a focus on providing exceptional products and services to our clients.”

Tucker Anthony Sutro’s offices and units will continue to operate under their current names, changing to the RBC Dain Rauscher name when systems convert and legal entity changes are completed in 2002.

The integration of RBC Dain Rauscher and Tucker Anthony Sutro creates a U.S. wealth management platform with a combined sales force of nearly 2,100 financial consultants and a network of 165 brokerage offices in 41 states. In North America, RBC’s wealth management presence will grow to more than 3,500 investment advisers with nearly 300 brokerage offices, $177 billion in assets under administration and $81 billion in assets under management.

With the merger, Dain Rauscher wealth management platform also acquires Tucker Anthony Sutro’s fixed income capital markets group, and its asset management business. Tucker Anthony’s fixed income capital markets group has municipal and taxable investment banking, sales and trading capabilities primarily in California, Pennsylvania, New Jersey, New York and Massachusetts.