CANADA - Royal Bank of Canada (RBC) has finalised its exit from the institutional investment management business with the sale of its real estate manager, RT Realty Advisors (RTRA), to the private real estate company, Osmington Group.
Although no further details of the transaction were released, Osmington has confirmed that it intends to rename the business as Redcliff Realty Advisors. Redcliff will operate as an independent subsidiary of Osmington.
RBC believes that the sale of this business to Osmington will provide RTRA's clients, management and staff with an excellent opportunity, said Reay Mackay, RBC's vice chairman.
We are placing RTRA under new ownership which has the experience and real estate industry knowledge to support and enhance the future growth of the business.
Earlier this year, RBC announced that it was looking to offload its institutional investment management units in order to concentrate on its core global wealth management business. In June, UBS successfully acquired RBC's asset management division, RT Capital Management, for $230m and renamed it Brinson Canada.
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