RBC Capital to buy public finance firm

RBC Capital Markets has announced that it agreed to acquire Seasongood & Mayer LLC, a Cincinnati-based public finance firm and underwriter of municipal debt.
Under the agreement New York-based RBC also acquired Seasongood Asset Management, a wholly owned subsidiary and investment adviser to public funds clients, which manages $1.5 billion in assets for public fund clients.
The
terms of the deal were not disclosed.
The deal is subject to regulatory approval and is expected to close during the current quarter.
The proposed merger increases RBC Capital Markets’ position in the U.S. municipal investment banking market and also and in the pre-college education finance business.
RBC has announced seven acquisitions in the U.S. in the past nine months, including recent acquisitions by RBC Capital Markets of Carlin Financial Group (InvestmentNews, March 25), a New York-based broker-dealer and Daniels & Associates LP (InvestmentNews, January 11) , a mergers &acquisitions adviser to the cable, telecommunications, broadcast and Internet services industries.
RBC Capital Markets is the investment-banking arm of the Toronto-based Royal Bank of Canada.