Consolidates Customized Prime Brokerage, Direct Market Access, Advanced
Algorithmic Trading, and Financing Services
NEW YORK, April 8 /PRNewswire-FirstCall/ - RBC Capital Markets today
announced it has completed the formation of the RBC Global Prime Services
Group to provide dedicated and comprehensive support to hedge fund managers,
mutual fund managers and institutional asset managers via a single platform
backed by RBC, one of North America's largest and most highly rated financial
institutions.
"We recognize that the lines between hedge fund and traditional
institutional managers are becoming more obscure as their needs become more
similar - hedge funds are going public and no longer using only long/short
strategies, traditional fund managers are launching 130/30 funds, using
leverage and shorting, while institutional managers need more robust
services," said Jeremy Frommer, head of RBC Global Prime Services. "We decided
to break down silos by bringing together, under a single umbrella, everything
from prime brokerage to trading technology, securities lending to capital
introductions, as well as financing. RBC Global Prime Services provides
clients with the comprehensive and robust array of multi-asset class products
and services they need in today's complex, rapidly moving markets."
The formation of the new business unit, featuring a
single-point-of-contact customer service platform, comes as fund managers,
traders and other counterparties are seeking prime brokerage and service
providers with strong credit quality and stability on which they can depend.
"While the past few months have seen unprecedented challenges in the brokerage
industry, RBC's strength and stability has been - and will remain - a source
of confidence for our clients, particularly those in alternative investments,"
said Frommer.
"Our unique single-point-of-contact for multi asset class service provides
a consolidated view of a client's portfolio, enabling us to fully understand
our clients' needs and provide the right products and the highest level of
service possible," said Daniel Dorenbush, head of Relationship Management for
RBC Global Prime Services.
The Global Prime Services Group, which has made a substantial investment
in technology this year, has seen a 20 per cent increase in clients and a
related increase in assets under management in the past six months. The Group
brings together services recently launched by RBC as well as several
operational units with a strong record of serving RBC clients, including:
- RBCAccel, a multi-asset class proprietary trading platform;
- The RBC Capital Introduction Group, which works closely with
investors to efficiently introduce them to hedge fund managers
seeking to grow their assets. In addition, the group offers the RBC
Emerging Manager Allocator platform, a proprietary, multi-strategy
growth fund-of-hedge funds; and,
- The RBC Global Futures & Base Metals Group, which offers global
execution and clearing solutions for futures and options traders, as
well as specialized interest rate, foreign exchange, equity, base
metals, and commodity and energy product and service offerings.
"Building the Global Prime Services Group enables us to truly partner with
our clients," said Greg Mills, head of Global Equity Sales & Trading for RBC
Capital Markets. "We are now able to provide a fully consolidated platform
that enables us to maximize the benefits to our clients and efficiently employ
RBC's financing capabilities."
About RBC Capital Markets
RBC Capital Markets is the corporate and investment banking arm of RBC and
is active globally in debt origination, sales and trading, foreign exchange,
infrastructure finance, structured products, metals and mining, and energy.
Its North American platform includes a significant U.S. middle market
investment banking franchise and leading equity, underwriting, sales, trading
and research businesses. Bloomberg ranks the firm as one of the top 15
investment banks globally.
SOURCE RBC
Loretta Healy, The Hubbell Group, Inc., (781) 878-8882,
lhealy@hubbellgroup.com; Kevin Foster, RBC Capital Markets, (212) 428-6902,
kevin.foster@rbccm.com
