Royal Bank of Canada (RBC) has completed the acquisition of London-based BlueBay Asset Management.

RBC said that the acquisition will add more than 200 employees and approximately $40bn in assets under management to its global asset management business.

RBC Wealth Management group head George Lewis as a top-ten global wealth management firm, RBC is excited to expand asset management capabilities in Europe and Asia, and BlueBay’s strengths are an ideal fit with RBC as it continue to grow.

RBC Global Asset Management CEO John Montalbano said that by leveraging the combined strengths of RBC and BlueBay, this transaction will enable RBC to bring a greater range of asset management solutions to clients around the world.

BlueBay CEO Hugh Willis said that RBC’s distribution strength and financial support provides BlueBay with a very real competitive advantage as BlueBay embark on the next stage of growth.