Royal Bank of Canada has completed its acquisition of Phillips, Hager & North Investment Management to create the largest retail mutual fund company in Canada with more than $105 billion in mutual fund assets under management.

The combination of PH&N’s Discretionary Private Client business and RBC Private Counsel creates one of the largest private client investment counselling businesses in Canada, with market strengths coast-to-coast and notably in Western Canada, says the bank.

RBC will also become one of the top five managers in the Canadian institutional market for defined benefit and defined contribution pension plans and a leading provider to endowments and foundations.