Royal Bank of Canada has fused its investment support services into a single business serving all types of investors from hedge funds to major banks, the investment bank said Tuesday.
RBC Capital Markets used to offer different services to hedge funds and major investment managers. In the past few years, the distinction between the two has blurred, RBC said.
Hedge funds like Blackstone Group LP and Fortress Investment Group LLC have become publicly traded companies, and many hedge funds are adopting different trading strategies. Meanwhile, institutional investment managers are using strategies traditionally associated with hedge funds, like short-selling and leverage.
The business, RBC Global Prime Services Group, will consist of RBC's prime brokerage, direct market access, algorithmic trading and financing units. The goal is to provide a "dedicated and comprehensive" system under a single umbrella to all types of investors, the company said.
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