RBC has completed its acquisition of Phillps, Hager & North, making RBC one of the top five managers in the Canadian institutional market for defined benefit and defined contribution pension plans, and a leading provider to endowments and foundations.
The acquisition also makes RBC the largest retail mutual fund company in Canada with more than $105 billion in assets under management.
In addition, the combination of PH&N’s discretionary private client business and RBC private counsel creates one of the largest private client investment counselling businesses in Canada.
“By leveraging the respective strengths of RBC and PH&N, we will be in a position to better serve the needs of our institutional, discretionary and mutual fund clients,” says John Montalbano, who is now the chief executive officer of RBC Asset Management.
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In this role, which was previously held by George Lewis, group head of RBC Wealth Management, Montalbano will lead the combined asset management business.
Both the RBC Asset Management and PH&N brands will continue within the combined organization.
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