A$18B in AUMStrategic acquisitionFinancial Services
RBC to buy Australian asset manager Yarra Capital
Royal Bank of Canada agreed to acquire Yarra Capital Management, a Melbourne- and Sydney-based active manager specializing in Australian fixed income, equities and alternatives. Yarra has about A$18 billion in assets under management and roughly 75 employees. Financial terms were not disclosed.
Why it matters: The deal is a springboard for RBC Global Asset Management's push to diversify beyond North America into Australia and the wider Asia-Pacific region.
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