Royal Bank of Canada (RBC) has announced its plans to acquire Yarra Capital Management, an investment manager based in Melbourne, Australia. The deal marks a significant expansion for RBC Global Asset Management in the Australian market.
The acquisition will add approximately A$18 billion ($12 billion) in assets under management to RBC’s existing portfolio, which currently stands at C$800 billion ($566 billion). Yarra Capital specializes in managing Australian and global equities, as well as fixed income and multi-asset funds.
Yarra Capital Management confirmed the transaction in a statement released on Tuesday. The deal is expected to strengthen RBC’s presence in Australia and enhance its capabilities in asset management.