Royal Bank of Canada (RBC) has completed the acquisition of the JP Morgan Securities' third party registered investment advisor business identified as 'IAS'.
With the transaction now complete, IAS has been renamed and has become a part of RBC Advisor Services, a unit of RBC US Wealth Management.
RBC Advisor Services specializes in providing custody and clearing services to high performing third party registered investment advisor (RIA). Details of the transaction were not disclosed.
John Taft, CEO of RBC US Wealth Management, said: "This acquisition marks a significant step forward in our mission to be the premier custody and brokerage partner of choice for third party advisors at the high end of the marketplace.
“The closing of this acquisition represents the latest move in RBC Wealth Management’s ongoing expansion in the US. We see a unique opportunity for growth in the advisor services business and look forward to continuing to strategically expand and enhance our offerings."