UBS AG acquired Royal Bank’s subsidiary, RT Capital Management, and its institutional investment management business for $350 million on August 15, 2001. UBS Asset Management, the institutional asset management group of UBS AG, which includes Chicago-based Brinson Partners, manages over US$300 billion in assets, and with the acquisition of RT Capital becomes a leading provider of such services in Canada under the name “Brinson Canada”.
Blake, Cassels & Graydon LLP represented UBS on the transaction and Osler, Hoskin & Harcourt LLP acted for Royal Bank. UBS’s participation in the transaction was under the direction of Benjamin F. Lenhardt, Jr., the CEO of UBS Asset Management – Americas. The Blakes team, working closely with Mark Kemper, Executive Director and Joan McCarthy, Director, Legal Advisor of Brinson Partners, consisted of Paul Belanger, Beth Gearing and Chris Cyrenne (corporate and regulatory), Ron Richler and Allan Gelkopf (tax), Mike Sharp (securities regulatory), Jeremy Forgie and Kim Ozubko (pensions) and Lee Shouldice (employment).
Royal Bank relied upon Sarah Azzarello, SVP & Deputy General Counsel, Stephen Monty, Assistant General Counsel, Corporate Securities, and Michael W. Wilson, SVP, Strategic Initiatives to manage the transaction. The Oslers team acting for Royal was led by John Kazanjian and Andrew Aziz with John Leddy and Chandler Lauzon (mergers & acquisitions), Deborah Alexander (securities regulatory), Firoz Ahmed, Steve Suarez and Kimberley Wharram (tax), Paul Litner (pensions) and Jason Hanson (employment).