CACEIS finalises purchase of RBC European asset servicing business
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CACEIS finalises purchase of RBC European asset servicing business 03 July 2023EU Reporter: Bob Currie
Image: CACEIS
CACEIS has completed the acquisition of RBC Investor Services’ European asset servicing business and its Malaysia operations centre.
The deal was announced in October , when CACEIS agreed to buy RBC’s European securities services business, including custody and global custody FX, securities lending, fund administration and transfer agency, along with middle-office services.
The completion of this transaction aligns with the proposed timeline framed out in October, when the two parties signed a memorandum of understanding and indicated that the deal was likely to be completed by the end of Q3 2023, subject to the normal antitrust scrutiny and regulatory approvals.
CACEIS also expects to complete the purchase of the UK branch of RBC Investor Services and Trust and RBC Investor Services Jersey operation in coming months, subject to the required regulatory approvals.
Commenting on the acquisition, CACEIS chief executive Jean-Pierre Michalowski (pictured), says: “This deal further strengthens CACEIS’ leadership position as a front-running asset servicing player. I believe that the staff who are joining us are proud to be part of our group.
Together we will construct the benchmark for the sector in Europe. With
motivated individuals all working collectively to serve our clients, we are on the right track.”
Francis Jackson, CEO of RBC Investor Services, adds: “We are incredibly proud of the business we have built in Europe and pleased that both clients and employees of our business will benefit from being part of what is expected to become one of the largest asset servicing providers in Europe.
We believe the complementary services, combined scale and joint expertise of RBC’s Investor Services’ European business and CACEIS will bring more opportunity for employees and greater value for clients. ”
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Image: CACEIS 