UBS Asset Management (UBS-AM) is set to acquire asset management company RT Capital Management from Royal Bank of Canada for a maximum of $230m.
The transaction is expected to be completed by September 30, 2001, pending regulatory approval.
RT Capital will be renamed Brinson Canada upon closing, complementing the Brinson Partners and Brinson Advisors brand names used by UBS-AM in the Americas. Brinson Canada will continue under the leadership of its current chairman and chief executive officer, Michael Wilson.
Wilson, who served as Canada's federal minister of finance from 1984 to 1991, will report to Benjamin Lenhardt, head of UBS-AM in the Americas, and president and chief executive officer of Brinson Partners.
Canadian clients will see little change in investment processes and RT Capital will continue to manage its Canadian client relationships, according to UBS.
The acquisition follows Quebec-based Caisse de depot pension fund’s decision to withdraw its bid for RT Capital Management last month.
RT Capital is a third-party asset manager in Canada, with more than $20bn in assets under management.
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