Caceis to acquire RBC’s asset servicing arm

Banking groups Caceis and RBC have signed a memorandum of understanding whereby Caceis will acquire the European asset servicing activities of RBC Investor Services and its associated Malaysian local office.

The transaction should see Caceis obtain RBC’s custody, global custody FX, fund administration, transfer agency, middle office and securities lending services.

Subject to customary closing conditions, the deal is expected to complete by the end of Q3 2023.

“We are proud of the business that we have built in Europe, and are excited for Caceis to continue to deepen relationships with our clients,” Francis Jackson, CEO of RBC Investor Services, said in a statement. “This is an opportunity for our European clients to enjoy the combined scale of RBC Investor Services’ European business and Malaysia centre of excellence and Caceis’ global footprint, while allowing us to focus on our Canadian asset services franchise in our home market. Caceis has a track record of growth. This is an important milestone as they strengthen their position as a leading European asset servicer. We are confident this proposed transaction will bring benefits to our clients and our employees.”