Voyageur Asset Management was renamed RBC Global Asset Management (U.S.), confirmed Mike Lee, president and chief investment officer.
The manager had US$43 billion in assets under management as of Oct. 31, according to RBC’s website.
Voyageur Asset Management was founded in 1983. Voyageur Asset Management was acquired by RBC in 2001.
“We’ve gone from being the investment management arm of the U.S. broker of RBC to being the U.S. institutional platform of RBC Global Asset Management,” Mr. Lee said in a telephone interview. “It’s part of our effort to develop a global asset management business.”
Along with RBC Global (U.S.), Royal Bank of Canada owns two other asset management firms — RBC Asset Management and Phillips, Hager & North Investment Management. The three asset management firms had more than US$200 billion in combined assets as of Oct. 31.
