Royal Bank of Canada has completed the acquisition of BlueBay Asset Management.

The addition of BlueBay brings over 200 employees and approximately USD40bn in assets under management to RBC's global asset management business.

"As a top-ten global wealth management firm, we are excited to expand our asset management capabilities in Europe and Asia, and BlueBay's strengths are an ideal fit with our own as we continue to grow," says George Lewis, group head, RBC Wealth Management.

"Since announcing the transaction, we have received strong support from shareholders, investors and colleagues alike," says Hugh Willis, chief executive of BlueBay. "RBC's distribution strength and financial support provides BlueBay with a very real competitive advantage as we embark on the next stage of our growth."