Royal Bank of Canada (RBC) agreed to acquire Australian fund manager Yarra Capital Management Limited, a move intended to expand the bank’s asset management business beyond North America.
RBC said Nov. 9 that it would take full ownership of Yarra. The firm managed approximately A$18 billion as of Sept. 30, 2026, and has about 75 employees, according to the bank.
Founded in 2017, Yarra has offices in Melbourne and Sydney. Its offerings include Australian fixed income, equities and alternatives. Yarra’s website also lists multi-asset and global equity products.
Damon Williams, CEO of RBC Global Asset Management, said Yarra would add investment and distribution reach to the bank’s asset management business. RBC said it sees the deal as a way to serve Australian institutional investors and intermediaries that invest internationally.
RBC did not disclose a purchase price. The bank said it does not expect the transaction to significantly affect its common equity Tier 1 capital ratio or future run rate earnings. Those assessments are projections.
The agreement remains subject to regulatory approval and other closing conditions. RBC expects to complete the purchase in the first quarter of 2027.
