RBC hangs on to U.S. trading arm

RBC won’t be unwinding its U.S. trading business, according to a Bloomberg report.

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The bank “had considered investing as much as $1 billion in a hedge fund created from the New York-based unit,” Bloomberg reported earlier this year. RBC is now “actively working to restructure [its] proprietary trading business to comply with the Volcker Rule ahead of the July 2015 deadline,” according to yesterday’s report.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.