Royal Bank of Canada has consolidated its position as one of the leading international trust companies in the Channel Islands through its purchase of Ernst & Young Trust Company (Jersey) Limited.
Ernst & Young Trust Company (Jersey) Limited has approximately 4,000 trust clients based largely in the UK, Continental Europe and Southern Africa and administers £6 billion in assets. These assets include cash, marketable securities, and other assets.
"Our aggressive growth plans continue to focus on further acquisitions in key markets in the USA, UK, Continental Europe and Asia," said Michael Lagopoulos, Head of Royal Bank of Canada Global Private Banking. "This transaction complements Royal Bank of Canada's existing wealth management capability in the British Isles."
"Ernst & Young International are moving towards globalisation with a focus on core areas of audit, consulting, tax advisory and corporate finance," said David Waters, Managing Director, Ernst & Young Trust Company (Jersey) Limited. "It was important for us to ensure our customers were moved to a highly reputable international institution with a solid track record in wealth management. We believe that Royal Bank of Canada is just such an institution."
Last September Royal Bank of Canada purchased The Monument Trust Company and Bridgewater Administration Limited, Ernst & Young trust businesses in Guernsey. That deal covered almost £1.5 billion in assets administered on behalf of 1,650 clients.
Royal Bank of Canada Global Private Banking is located in the world's leading financial centres. The network spans 23 locations in key jurisdictions and includes New York, Miami, London, Switzerland, Hong Kong and the Caribbean. Additional units are located in Latin America, Asia, the Middle East, and South Africa. "Around the globe Royal Bank of Canada is recognised as a leader in international wealth management and in delivering quality private banking, trust and investment services to high net worth individuals," added Mr. Lagopoulos. "We will build on our success to become the premier provider in this business."
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