RBC in £1bn deal for BlueBay

BlueBay Asset Management has agreed an all cash takeover by Canadian bank Royal Bank of Canada (RBC).

The deal values the company at around £1bn.

BlueBay shareholders will receive 485p in cash for each of their shares.

Shareholders will also get the dividend of 7.5p proposed at the end of last year.

BlueBay is one of the largest fixed interest fund managers in Europe with about $40 billion of assets under management.

George Lewis, group head of RBC wealth management said: "This acquisition will further RBC's strategy to leverage our position as a top 10 global wealth manager, and continue to expand our asset management solutions for the benefit of our clients around the world."