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(September 6, 2007) RBC Centura Banks, a subsidiary of Royal Bank of Canada, has acquired Alabama National BanCorporation (ANB). The Birmingham-based bank has more than 440 locations throughout the American southeast and is the parent of 11 subsidiary banks and other affiliated businesses in Alabama, Florida and Georgia.

Under the agreement, shareholders of ANB will receive $80 per share payable in cash, RBC shares or a combination of each, valuing the deal at approximately $1.6 billion.

“This acquisition positions RBC Centura even better to serve the banking needs of businesses, business owners and professionals in the southeast,” says Scott Custer, chairman and CEO of RBC Centura. “It will strengthen our ability to reach more customers in the region by expanding our branch network to more than 440 locations, solidifying our market position in Alabama and opening new and important markets in Florida, and increasing our presence in Atlanta.

ANB’s chairman and CEO, John H. Holcomb III, says the merger is in both companies’ interest.

“Our company’s success over the years can be attributed to the talented individuals we’ve hired and who have joined us from acquisitions,” Holcomb says. “Similarly, I’m excited about the prospect of future success as our team joins RBC and leverages the cultural and geographic fit between our organizations as we become part of one of North America’s leading financial service organizations.”

The acquisition is subject to customary closing conditions, including approval by U.S. and Canadian regulators and by ANB shareholders and is scheduled to close in early 2008.

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Picton Mahoney closes hedge fund

(September 6, 2007) Picton Mahoney Asset Management has announced that its Market Neutral Equity Fund will be closed to new investments on or before September 28, 2007.

The firm says the decision was made in light of the strong level of capital inflows into the fund and is in keeping with its commitment to providing “nimble” hedge fund solutions.

The fund was introduced in December 2005 to offer Canadian investors returns with low correlation to major stock market indexes and, since inception, has performed independently of the Canadian market, generating positive monthly performance 95% of the time with a beta of 0.17.

Picton Mahoney says those still interested in investing in the fund should speak with their investment advisors before the fund closes to new investments later this month.

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Takeover expands American HNW firm

(September 6, 2007) GenSpring Family Offices, one of the largest multi-family high-net-worth offices in the U.S., has announced it is taking over TBK Investments, a rival in the HNW space.

The Miami-based TBK Investments is a multi-family office founded by Santiago Ulloa in 2000, catering to more than 60 families, with nearly $1.5 billion in assets, and located primarily in Latin America and Southern Europe.

TBK will effectively become an international arm of GenSpring and will change its name to GenSpring International. Ulloa will remain on as president of the new GenSpring International and will continue to lead and build GenSpring’s business with international families.

No changes are expected in TBK’s personnel or in its handling of clients. Terms of the transaction were not disclosed.

“We have known for some time now that demand for objective, family-aligned advice and solutions is a growth market not just within the United States but also on a global basis,” says Maria Elena Lagomasino, GenSpring’s CEO. “In fact, demand for unbiased advice is as robust internationally as it is domestically.”

(09/06/07)