In a move to expand its U.S. investment adviser and wealth management operations, Royal Bank of Canada said Tuesday it has agreed to buy JPMorgan Chase & Co.'s third-party registered investment adviser service business; the price was not disclosed.
The deal is expected to close in the second quarter.
The JPMorgan Chase assets are to be renamed and become part of RBC Wealth Management's RBC Advisor Services unit, which provides custody and clearing services to high-performing, third-party RIAs.
The Canadian banking company said the deal would "enhance our competitive position in the high end of the RIA custody marketplace."
Toronto-based Royal Bank of Canada and its subsidiaries operate under the brand name RBC.