In discussing its Advisor Services custody initiative, management at RBC likes to focus on the Canada-upper Midwest corporate cultural fit that eased the acquisition by Royal Bank of Canada of Dain Rauscher in 2000. It stresses, too, the service culture fit between Minneapolis and New York that helped prompt the JP Morgan/Bear Stearns RIA service team headed by Leonard Palmer to buy into the mid-June acquisition by RBC of the JP Morgan IAS custody business.
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