RBC Global Services Institutional & Investor Services (IIS) division has been selected as the custodian for The Winnipeg Foundation, which oversees more than 1,400 endowment funds that support community projects in Canada. The mandate covers approximately C$300 million in assets under administration.
“Having access to a highly experienced and knowledgeable team of custody professionals and support staff, who will focus on the Foundation’s needs now and in the future, was key to our decision,” says Richard L. Frost, chief executive officer of The Winnipeg Foundation. “After a comprehensive review of suppliers, RBC Global Services’ commitment to service excellence by providing a cost-effective and efficient solution, proved to be the best choice for our investment portfolio.”
“We are extremely pleased that The Winnipeg Foundation has selected RBC to manage its endowment funds, thereby solidifying our leadership position in custody services in Western Canada,” adds Jose Placido, executive vice-president, RBC Global Services. “This opportunity emerged as a result of the joint efforts of our staff at the RBC Banking and RBC Investment in Winnipeg, demonstrating our commitment to provide superior service and technology resulting in effective solutions for our customers.”
The Winnipeg Foundation, established in 1921, is Canada’s first community foundation. The Foundation is a collection of permanent endowment funds established by people from all walks of life. The funds are pooled and invested, and the income is distributed as grants in the community. Last fiscal year, the Foundation granted $12.7 million to approximately 450 charitable organizations.