Canadian bank agrees to buy Access Capital assets
A unit of the Royal Bank of Canada has agreed to buy certain assets of Access Capital Strategies LLC, a Boston-based investment adviser serving banks, public pension funds, foundations, and related financial institutions.
Terms of the transaction were not disclosed, and plans call for Voyageur Asset Management Inc., a Minnesota-based unit of the Royal Bank of Canada, to buy the Access Capital assets.
The Royal Bank of Canada, or RBC, said in a press release, "Access Capital represents a strong strategic fit for Voyageur and helps RBC to build a US presence and increase its activities in socially responsible investment assets."
In a statement included in RBC's press release, Access Capital chief executive Ron Homer (right) said, "I look forward to becoming a part of the Voyageur team and building on that success.”
(By Chris Reidy, Globe staff)
