Royal Bank of Canada's Minneapolis asset manager, Voyageur Asset Management Inc., announced Tuesday that it had signed a definitive agreement to buy certain assets of Access Capital Strategies LLC in Boston.
The price of the deal, which is expected to close in RBC's third fiscal quarter, which ends July 31, was not disclosed.
Founded in 1997, Access Capital operates as an independent, Securities and Exchange Commission-registered investment adviser serving banks and related financial institutions, public pension funds, foundations, endowments, and community trusts. It manages the Access Capital Strategies Community Investment Fund, which invests in debt securities that support development in communities nationwide where low- and moderate-income people live.
Access Capital has more than $650 million of assets under management. The deal is expected to help Voyageur and Royal Bank of Canada develop their presence in the United States and increase their activities in "socially responsible" investments.
Voyageur is an institutional asset manager with $34 billion under management; it offers equity and fixed-income investments.
