RBC Global Services, Institutional & Investor Services (IIS) says it is to be sole custodian and fund valuation agent for the Legg Mason Canada funds, which represent about C$5 billion in assets under administration.
“RBC Global Services’ insight and appreciation of our current business needs, combined with their ability to adapt to our changing business model, were instrumental in our decision to award this contract,” says Louise Tymocko, chief financial officer of Legg Mason Canada Inc. “By outsourcing our fund valuation to RBC, we have effectively consolidated our Canadian custody business with a single provider which is the leader in the industry.”
“We are delighted with Legg Mason Canada’s decision and look forward to building upon our long and successful relationship,” adds Jose Placido, executive vice-president, RBC Global Services. “This new agreement demonstrates that our clients value the efficiency and effectiveness that our outsourcing solutions can bring to their businesses. As the leader in outsourcing solutions to Canadian investment managers, RBC is proud of our proven track record, our ability to meet and support clients’ changing needs and our commitment to service excellence.”
Legg Mason Canada Inc. had approximately $12 billion in assets under management at the end of the third quarter of this year. It is a wholly owned subsidiary of Legg Mason, Inc., the Baltimore-based holding company that provides asset management, securities brokerage, investment banking and related financial services through its subsidiaries. In total, Legg Mason had US $237 billion in assets under management at the end of the third quarter.