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Article Excerpt
Expands presence in New Jersey, Pennsylvania and Florida
MINNEAPOLIS, MN and PARSIPPANY, NJ, March 13 /PRNewswire-FirstCall/ -- RBC Dain Rauscher, Inc., a wholly owned subsidiary of Royal Bank of Canada (RY on TSX and NYSE), and New Jersey-based J.B. Hanauer & Co. today announced the signing of a definitive agreement pursuant to which RBC Dain Rauscher Inc. will acquire J.B. Hanauer.
The details of the transaction were not disclosed. The acquisition is subject to customary closing conditions, including approval by U.S. and Canadian regulators and by J.B. Hanauer shareholders. The transaction is expected to be completed in May 2007.
J.B. Hanauer, a privately held, employee-owned financial services firm, specializes in retail fixed income and wealth management services. It runs five offices in three states with slightly more than 300 employees and close to $10 billion in assets under administration.
"J.B. Hanauer represents a strong strategic and cultural fit for our firm, significantly expanding our presence in New Jersey, Florida and Pennsylvania -- all important markets for us," said John Taft, chief executive officer of RBC Dain Rauscher. "Our success comes from superior...
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