Royal Bank of

Canada has acquired Mourant Private Wealth, the Jersey-based private client trust business of the Mourant financial services group, for an undisclosed sum.

Besides its Jersey operations, Mourant Private Wealth also has operations in



Dubai and The Cayman Islands. Completion of the transaction remains subject to regulatory approval but is expected to close in early 2009. 

“This transaction advances our long-term strategy to build further on our core business of integrated private wealth management services to international clients by hiring experienced professionals with strong client relationships,” said Paul Patterson, head of RBC Wealth Management.

“We believe that the wealth management sector will continue to be a growing market in the years ahead as global economies develop and populations mature, which will present many opportunities for our clients, our people and our shareholders,” he added.

In the
UK and

Ireland, RBC Wealth Management employs just under 1,500 staff and has assets under administration of £63 billion.  The acquisition of Mourant Private Wealth is expected to add more than £3.5 billion to this figure.

With the completion of this latest acquisition, RBC Wealth Management will have over 800 trust professionals.

RBC has purchased businesses with offices the Channel Island before, such as its purchase of Ernst & Young’s trust businesses in Jersey and Guernsey in January 2000 and its acquistion of Abacus Financial Services group  in Jersey, Guernsey,
London,
Edinburgh and
Cheltenham in November 2005.

The Mourant group's businesses include offshore law firm Mourant du Feu & Jeune.