Royal Bank of Canada (RBC) has expanded its clearing and custody platform through an agreement with Cowen to transition a portion of its correspondent clearing clients to its.
The agreement will transition Cowen’s correspondent clearing clients to RBC’s Clearing and Custody (RBC C&C) platform, which clearing, custody and execution services institutional broker-dealers and registered investment advisors.
“The institutional broker-dealer space is a segment we committed to expanding over two years ago,” said Brett Thorne, president of RBC Clearing & Custody. “Our agreement with Cowen has accelerated our growth trajectory by bringing our industry-leading technology and innovative services to institutional clients in new markets.”
RBC added that revenue and assets under management on its clearing platform had increased by 100% in the last five years due to an influx of new business from broker-dealers.
The bank confirmed it had merged its investment advisor, clearing and custody business units to form RBC C&C as part of a rebrand in December. Thorne commented at the time that the name better aligned the newly-merged business segments.
“At Watermill Institutional Trading we work every day to provide the highest calibre of service and quality trade executions” Ben Bram, managing member at Watermill Institutional Trading, also commented.
“Clearing now through RBC we have partnered with an organisation who will help us provide greater value for our clients and innovative ways to serve their needs.”