Royal Bank of Canada said on Tuesday it reached a deal to buy JPMorgan Chase & Co's investment adviser servicing business, the latest step by RBC to expand its U.S. wealth management division.
Details of the agreement were not disclosed.
When the deal is complete, the business will be renamed and become part of RBC Advisor Services, a unit of RBC Wealth Management's U.S. division that specializes in providing custody and clearing services to high-performing third-party registered investment advisors.
The acquisition is the latest move by RBC, Canada's largest bank, to expand into the United States, as rivals struggle to right themselves after the global financial crisis.
RBC's wealth management division has recruited more than 300 financial consultants this fiscal year.
Canada's biggest lenders have emerged from the financial meltdown at the top of the banking heap, having accepted no government bailouts and enjoying high levels of excess capital.
(Reporting by Andrea Hopkins, editing by Gerald E. McCormick)