RBC Global Services has been selected by Assante Asset Management (AAM) to provide custody and investment administration services for its funds, with total assets of approximately C$8 billion. AAM is a subsidiary of CI Fund Management Inc. (CI), one of Canada’s largest fund companies.
“Securing RBC Global Services as our provider of custody and administrative services is another example of how we are able to leverage our relationship with CI to enhance the efficiency of our operations and benefit our clients by reducing the operating expenses of the funds,” says Joseph C. Canavan, president and chief executive officer of AAM.
With this latest mandate, RBC Global Services will provide outsourcing services for all investment funds at CI, including those of CI Mutual Funds Inc. and Skylon Capital Corp. The CI relationship continues to be the largest of its kind in the Canadian market, with RBC supplying custody and investment administration services for CI investment fund assets totaling approximately $43 billion.
“We are very pleased to expand our relationship with CI and AAM,” adds Jos Placido, executive vice-president, RBC Global Services. “Partnering with clients such as CI and AAM and enabling them to focus on their strategic priorities is a cornerstone of RBC Global Services’ outsourcing proposition.”