RBC to acquire BlueBay for £963m

RBC Wealth Management has reached an agreement to buy BlueBay Asset Management for £963m.

The Royal Bank of Canada offer of 485p per share is at a 29% premium to the last closing price of BlueBay shares. London-based BlueBay is one of Europe's largest independent managers of fixed income debt funds and products, with US$40bn assets under management. Formal documentation will be sent to BlueBay shareholders in November 2010 and subject to the satisfaction of all regulatory and other conditions, the acquisition will close by the end of the year. BlueBay manages a combination of long-only and alternative investment strategies, primarily focused on Europe and the emerging m...