TORONTO – November 10, 2026 -- Royal Bank of Canada (TSX: RY; NYSE: RY) has agreed to acquire Yarra Capital Management Limited, an Australian active manager with about A$18 billion in assets under management, with completion expected in the first quarter of 2027.
RBC to take full ownership of Yarra, subject to regulatory approval
Under the agreement, RBC will acquire full ownership of Yarra, subject to closing conditions that include regulatory approval. RBC said the transaction is not expected to have a significant impact on its common equity Tier 1 (CET1) ratio or future run rate earnings. The announcement included no purchase price.
Yarra adds A$18 billion in assets and 75 staff in Melbourne and Sydney
Founded in 2017, Yarra manages approximately A$18 billion as at September 30, 2026, and employs approximately 75 people across offices in Melbourne and Sydney. It specializes in Australian fixed income, Australian equities and alternative investment solutions.
Yarra serves Australian institutional and retail markets. Its Australian investment products are also accessed from international markets, including Japan and New Zealand.
RBC Global Asset Management targets growth outside North America
RBC Global Asset Management (RBC GAM) manages approximately $834 billion in assets with about 1,600 employees across Canada, the United States, Europe and Asia. The unit is focused on expanding its capabilities and diversifying its market share beyond North America, and the Yarra deal extends that push into Australia and the Asia-Pacific region.
RBC GAM CEO Damon Williams called Yarra's investment and distribution capabilities "complementary" to RBC's asset management business. He said Australian institutional investors and intermediaries take a globally oriented approach to asset allocation. In his view, RBC's fixed income, equities and alternatives capabilities beyond domestic borders suit that demand.
Yarra Executive Chairman Dion Hershan said the agreement followed a long and deliberate search for a business partner. He added that senior management, including management shareholders, expects to keep growing the business as part of RBC GAM.