RBC completes sale of asset servicing business in Europe

The deal includes the firm's Malaysian centre of excellence, but the UK business transaction is expected to close later in the year

RBC completes sale of asset servicing business in Europe
Steve Randall

It’s the end of an era for RBC Investor Services’ asset servicing activities in Europe as the previously announced sale to CACEIS has completed.

The subsidiary of Credit Agricole and Santander is based in Paris and is a European leader in asset servicing and one of the major players worldwide.

The combination with CACEIS would give the enlarged entity around 3.5 trillion euros in AuA and 4.8 trillion in AuC based on figures at the end of March 2022.

The sale of RBC Investor Services’ European operations brings two major asset management businesses together with the benefit of scale. An extra piece of the puzzle – RBC Investor.

Services in the UK and Jersey – is expected to be completed later in the year subject to regulatory approval.

The transaction excludes RBC Investor Services' Canadian operations.

"We are incredibly proud of the business we have built in Europe and pleased that both clients and employees of our business will benefit from being part of what is expected to become one of the largest asset servicing providers in Europe,” said Francis Jackson, CEO of RBC Investor Services. “We believe the complementary services, combined scale and joint expertise of RBC's Investor Services' European business and CACEIS will bring more opportunity for employees and greater value for clients."