CDP pulls out of RT Capital bid
Quebec's giant C$125bn (£55.7bn) pension fund, Caisse de depot et placement (CDP), has pulled out of its bid for RT Capital Management.
CDP said it was no longer in the running to purchase RT Capital Management and has terminated its discussions, in agreement with the parties concerned, regarding the purchase of the fund management company.
In March, RT Capital Management's parent company, Royal Bank of Canada (RBC) revealed that it was considering its options regarding the asset manager, including a possible sell off.
Putnam Lovell Securities is advising RBC.
Formed in 1986, RT Capital Management currently has more than C$32bn (£14.5bn) in assets managed for pension funds, corporations, insurance firms, central banks and endowment/charities.
By Geoffrey Ho
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