RBC Agrees Sale of Investor Unit

Caceis, the asset servicing unit of Credit Agricole and Santander, has signed a Memorandum of Understanding with Royal Bank of Canada to acquire its investor services unit, including the custody, global custody FX, fund administration, transfer agency, middle office and securities lending businesses.

RBC Investor Services holds assets under administration (AuA) in Europe of around EUR 1.2 trillion and assets under custody (AuC) in Europe of around EUR 500 billion. Together, the combined entity would have around EUR 4.8 trillion in AuC and EUR 3.5 trillion in AuA.

The completion of the contemplated transaction will be subject to customary closing conditions, including regulatory and antitrust approvals, and is expected to take place by the end of the third quarter of the 2023 calendar year.

“This combination with RBC Investor Services helps us consolidate our position as a leading European player in asset servicing,” says Jean-François Abadie, CEO of Caceis. “We are enhancing our leadership across a range of services, increasing our position in a number of key markets, growing relationships with global asset managers, and increasing our capabilities and scale. Additionally, the staff from RBC Investor Services will bring their expert knowledge of the servicing needs of international investor clients and distribution services.”

Francis Jackson, CEO of RBC Investor Services, adds, “This is an opportunity for our European clients to enjoy the combined scale of RBC Investor Services’ European business and Malaysia centre of excellence and Caceis’ global footprint, while allowing us to focus on our Canadian asset services franchise in our home market. Caceis has a track record of growth. This is an important milestone as they strengthen their position as a leading European asset servicer. We are confident this proposed transaction will bring benefits to our clients and our employees.”