As expected, Royal Bank of Canada announced Tuesday, June 15, that it has closed on its acquisition of JP Morgan IAS, the high-end RIA custody and clearing business that JP Morgan picked up at the time it acquired Bear Stearns in March 2008.
The IAS RIA business will become part of RBC Advisor Services, a new RIA custodian set up by Royal Bank of Canada’s U.S. unit, RBC U.S. Wealth Management. It will be overseen by Mike Kavanagh, chief administrative officer and head of Independent Business Channels at RBC Wealth in Minneapolis. Leonard Palmer, who had been running the New York-based RIA customer service business for both Bear and Morgan, joins RBC as director of RBC Advisor Services.
Details of the transaction were not disclosed.