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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

RBC boosts Mideast wealth fund assets by 20pct on risk profile

Posted on 11 January 2013

A Royal Bank of Canada executive said the cash, stocks, bonds and other assets it holds on behalf of Middle East sovereign-wealth funds rose by 20 percent in 2012 as the investment pools diversify away from riskier lenders.
Cormac Sheedy, senior executive officer for the Middle East and Africa at the bank’s RBC Investor Services Trust unit, said the firm stepped up its efforts in 2012 to compete with London and New York-based banks such as HSBC Holdings Plc (HSBA), State Street Corp. (STT), JPMorgan Chase & Co. (JPM) and Bank of New York Mellon Corp. (BK) that traditionally dominated custodian services in the region………………………………………..Full Article: Source

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