Royal Bank of Canada has completed its purchase of BlueBay Asset Management, the UK-listed specialist investment house, in a deal worth £963 million (around $1.5 billion), adding around $40 billion assets to the Canadian firm and around 200 staff.

Under the deal, announced initially on 18 October, the Canadian banking and wealth management firm will buy all the issued share capital of the UK fund manager. Under the terms of the acquisition, BlueBay shareholders will be entitled to receive 485 pence in cash for each BlueBay Share.

"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," said George Lewis, group head, RBC Wealth Management.