MINNEAPOLIS, MN – June 14, 2021 – RBC Clearing and Custody (RBC C&C), a division of RBC Capital Markets, LLC, today announced it has expanded its clearing platform that services broker-dealer and registered investment advisor (RIA) firms across the wealth spectrum by entering into an agreement to transition a subset of Cowen’s Correspondent Clearing business to the RBC platform.
“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.”
Over the last five years, revenue and assets under management rose over 100 percent as the business attracted more broker-dealers and RIAs to the platform. RBC C&C attributes its rapid growth to its partnerships with its financial services business clients, helping them achieve their most important strategic priorities, as well as important enhancements and investments in technology to help RBC C&C’s clients grow, run and protect their business.
“I am thrilled to welcome Cowen’s clients who have transitioned with me to RBC Clearing & Custody,” said David Aronow, business development manager at RBC Clearing & Custody. “I’m excited about RBC’s capabilities to deepen client relationships and attract new opportunities to serve a broader client base with the aim of being the preferred institutional-oriented broker-dealer in the U.S.”
Client-centricity has long been a hallmark of how RBC C&C has been serving clients for more than 40 years. RBC C&C is further deepening its relationships with clients by delivering value they can’t find anywhere else. “At Watermill Institutional Trading we work every day to provide the highest caliber of service and quality trade executions” said Ben Bram, Managing Member. “Clearing now thru RBC we have partnered with an organization who will help us provide greater value for our clients and innovative ways to serve their needs.”
RBC Clearing & Custody provides clearing, custodian and execution services for independent broker-dealers and registered investment advisors. A leader in the U.S. brokerage industry since 1909 and a custody and clearing leader since 1979, RBC specializes in delivering personalized, high-touch service to help investment professionals manage their clients’ needs.
RBC Clearing & Custody is a division of RBC Capital Markets, LLC, member NYSE/FINRA/SIPC, a wholly owned subsidiary of Royal Bank of Canada (RBC), one of the world’s largest and strongest banks. For more information, please visit www.rbcclearingandcustody.com
Nicole Garrison, 612-371-2999, firstname.lastname@example.org © 2021 RBC Clearing & Custody, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC.
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