The Globe and Mail reports in its Tuesday edition that Royal Bank of Canada has signed a deal to buy Australian investment manager Yarra Capital Management Ltd. A Canadian Press dispatch to The Globe quotes RBC Global Asset Management chief executive officer Damon Williams saying that Yarra's investment and distribution capabilities are complementary to RBC's asset-management business. Financial terms of the deal for the firm with about 75 employees were not disclosed. Founded in 2017, Yarra has offices in Melbourne and Sydney. It had about $18-billion (Australian) in assets under management at Sept. 30. Mr. Williams said: "The investment and distribution capabilities of Yarra are complementary to our asset management business. Yarra's reputation within Australian fixed income and equities is a testament to its strong track record in investment performance and culture of putting clients first. We know Australian institutional investors and intermediaries take a globally oriented approach to asset allocation. We believe the strength of our investment capabilities that go beyond domestic borders within fixed income, equities and alternatives are well positioned to support this investor appetite."