The asset management business and certain funds get a rebrand
RBC completed its takeover of HSBC Bank Canada on March 28 and from today (April 1) the Canadian big six bank’s branding will appear in branches and other parts of the business.
Among the changes is the rebranding of HSBC Global Asset Management (Canada) Ltd. which has become RBC Indigo Asset Management Inc. as a wholly owned subsidiary of RBC. The change also means that all HSBC Mutual Funds and HSBC Pooled Funds managed by RBC Indigo will now be referred to as RBC Indigo Mutual Funds and RBC Indigo Pooled Funds, or the Indigo Funds collectively.
Two funds will also be closed to new investors: effective April 1, 2024, for the RBC Indigo Strategic Funds (formerly HSBC Wealth Compass Funds); and effective July 31, 2024, for the Premium Series and Premium T Series of the RBC Indigo Mutual Funds (formerly HSBC Mutual Funds). Existing investors will still be able to add to their holdings.
The Automatic Switch Program for Investor Series and Investor T Series investors will be discontinued on August 1, 2024. Further details of the changes to funds including the new names for the former HSBC funds are available on the RBC Indigo website.
Acknowledging the completion of RBC’s acquisition, the HSBC Canada website includes the signoff: “Thank you to our customers and employees for their support over the years.” The global banking group had been operating in Canada since 1973.
"Today marks one of the most exciting times of our 155-year history and a pivotal milestone in our long-term growth story as we welcome 4,500 employees and 780,000 clients from HSBC Canada," said Dave McKay, president and CEO, RBC. "This once-in-a-generation opportunity will show Canadians how our combined organization will deliver an enhanced banking experience, create better value for clients and strengthen our communities. I want to thank everyone involved in the monumental team effort to bring this deal to life and I look forward to the possibilities this acquisition will deliver."
The deal was originally announced in November 2022 and was approved by the Canadian finance minister in December 2023. Some of HSBC Canada’s branches will close while others will be continue under the RBC name.
A minimum of 33 former HSBC branches will remain open for at least four years, a requirement included in the government’s approval of the deal, along with the creation over the next five years of a new Global Banking Hub in Vancouver supporting around 1,000 jobs, and financing for new housing construction across Canada.
