(September 27 – 9:30 ET) – Royal Bank of Canada will acquire the offshore private client trust and fiduciary business of Ernst & Young in Guernsey – Monument Trust Co. Ltd and Bridgewater Administration Ltd – for its global private banking division.
Royal Bank picks up about $3.65 billion in assets, managed for clients in Europe and southern Africa. All 50 staff will move over to the bank, including three E&Y partners. The price of the deal was not disclosed.
Global private banking comes under Royal Bank’s wealth management division, which it is busily working to turn into a seamless integrated retail financial services arm . The division is being rolled together with the bank’s retail brokerage, retail trust, insurance and mutual funds businesses.
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