The Ontario-based City of Richmond Hill (Richmond Hill) has selected RBC Investor & Treasury Services (RBC I&TS) to provide custody and reporting services for the city’s consolidated assets.
The partnership officially commenced on 29 April 2022.
The mandate will be overseen by Bernard Yu, financial management advisor at Richmond Hill.
Commenting on the mandate, Yu says: “We have chosen RBC I&TS because of its solid track record in servicing other municipalities and adaptability to the evolving technological environment. With the service and support we are getting from RBC I&TS, we are able to focus more exclusively on providing competitive returns for our residents and refining our own operational efficiencies.”
Paul Folk, managing director of RBC I&TS, comments: “The addition of Richmond Hill furthers our leading position in the custody services market. Our team brings both the in-depth knowledge and the technology to confidently provide Richmond Hill with wide-ranging solutions to meet its evolving needs. We are excited to be working together.”
The Richmond Hill mandate follows RBC I&TS’ appointment to provide a full suite of back-office investor services to fund manager Tradex Management (Tradex).
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