Royal Bank of Canada buys asset manager Bruin Dolphin for 1.6 billion

The Royal Bank of Canada (RBC) has offered সমস্ত 1.6 billion in all cash for British asset manager Bruin Dolphin.

Brewin shareholders will be offered 515p per share, representing a 62 percent premium to Wednesday’s closing price of 318p.

It valued Bruin Dolphins at 2.8 per cent of the বিল 55 billion in assets under management as of February 28.

Royal Bank of Canada (RBC) offers ের 1.6 billion in all cash for British asset manager Bruin Dolphin

The directors of Bruin Dolphin have unanimously backed the deal, which is expected to expire at the end of the third quarter of this year.

Commenting on the acquisition, David Thomas, CEO of RBC Capital Markets Europe, said: “The UK is a key growth market for RBC, and Bruin Dolphin provides an exceptional platform to significantly transform our asset management business in the region.

“Both management teams are inspired by a shared vision of high quality client service, a client-centric culture and exceptional growth opportunities that we can deliver together.”

Thomas highlighted that the merger would make RBC Wealth Management the third largest asset manager in the UK and Ireland, as well as a market leader with a growing position in Canada and the United States.

Bruin Dolphin's director (headquarters photo) has unanimously backed the deal

Bruin Dolphin’s director (headquarters photo) has unanimously backed the deal

“The Bruin Dolphin Board is pleased to recommend RBC’s proposal in the interests of our shareholders, our clients, our people and our business partners,” said Robin Bear, CEO of Bruin Dolphins.

Shares of Bruin Dolphin rose 61 percent to a record high on Thursday, according to a buyout offer.

Last November, the firm said Revealed that it has attracted a record considerable fund flow of 4 4 billion a year from 30 September with revenues of over £ 400 million.

Revenue growth was driven by significant increases in fees from individual clients, financial advisory services in 1762, and the expansion of demand for asset resources and a নেট 1 billion increase in discretionary net flows.

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Bruin Dolphin also noted the strong performance of its Irish division, which saw a বৃদ্ধি 800 million increase in total funding and a 30 percent increase in revenue behind Brexit-related transfers and single corporate transactions in the third quarter.

British investment firms have benefited greatly from gaining thousands of new customers during the epidemic, many of them young and trying to invest for the first time.

AJ Bell’s results for FY 2021 show that it has attracted 87,000 more customers to its platform, while Hargreaves Lansdown has added another 233,000 clients.

Both companies noted that business activity has slowed down as restrictions have eased, but they are confident that they will continue to do well outside of long-term changes affecting the investment sector.

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