The Swiss bank UBS has bought, through its subsidiary UBS ASSET MANAGEMENT, the institutional investment management activities of the ROYAL BANK OF CANADA for CAD 350 million. MANAGEMENT PLACEMENTS TR has some CAD 31 billion in assets under management. The name of this subsidiary will disappear in exchange for the name BRINSON CANADA. Through this operation, UBS ASSET MANAGEMENT intends to move towards its aim of becoming "the main asset management company in the world".