The Royal Bank of Canada (RBC) has acquired a 3.16% stake in Brooks Macdonald.
According to a stock exchange filing, RBC subsidiary RBC Cees Trustee bought 510,219 shares in the investment management firm on 23 September.
The average share price that day was £18.10, meaning it parted with roughly £9.2m for the stake.
The share price dropped the following day, closing on Friday 25 September at £16.77.
Two is better than one?
In addition to the RBC acquisition, one of Brooks Macdonald’s largest shareholders increased it stake in the firm.
Asset manager Liontrust’s holding rose to 19.02% from 18.75%.
