RBC
Royal Bank of Canada's Voyageur Asset Management arm will buy some assets of Boston-based Access Capital Strategies, it said Tuesday.
Terms of the transaction were not disclosed. The acquisition is subject to regulatory approvals.
Access Capital, which has more than $650 million in assets under management, serves as an adviser to banks, foundations, endowments and community trusts. It manages the Access Capital Strategies Community Investment Fund, which invests in debt securities that support community development serving low- and moderate-income individuals and communities payday loans.
Voyageur is based in Minneapolis and has $34 billion in assets under management. It said the acquisition will help RBC to build a U.S. presence and increase its activities in socially responsible investment assets.