Royal Bank of Canada announced Friday it has completed its acquisition of BlueBay Asset Management.

The addition of BlueBay brings over 200 employees and approximately $40 billion in assets under management to RBC's global asset management business.

George Lewis, the group head of RBC Wealth Management, said the deal for the London asset manager will expand RBC’s asset management capabilities in Europe and Asia.

Hugh Willis, BlueBay’s CEO, said since the acquisition was announced in October “shareholders, investors and colleagues” have applauded the deal. "RBC's distribution strength and financial support provides BlueBay with a very real competitive advantage as we embark on the next stage of our growth,” he said.

RBC Global Asset Management includes comprises RBC Asset Management Inc., Phillips, Hager & North Investment Management Ltd., and RBC Global Asset Management (U.S.) Inc. The group manage approximately $198.98 billion in assets under management.