TORONTO — Royal Bank of Canada has teamed up with investment firm BlackRock Inc. to sell exchange traded funds under a new brand called RBC iShares.
The two companies say their strategic alliance will result in a combined $60 billion ETF offering that will be the most comprehensive in Canada.
The RBC iShares suite consists of 150 ETFs, 106 of which managed by BlackRock Canada and 44 managed by RBC Global Asset Management Inc.
The world’s largest ETF manager and Canada’s largest asset manager, based on assets under management as of last September, will remain separate legal entities.
There will be no change to the names or ticker symbols of RBC ETFs or BlackRock Canada’s iShares ETFs as a result of the alliance.
The two companies will offer a unified distribution support and service for RBC iShares, and say they will work together to enhance their offering over time.
The Canadian Press