RBC Financial Group will announce today that RBC Dain Rauscher Inc.’s U.S. fixed-income business has been renamed RBC Capital Markets, the same name under which RBC already conducts its investment banking, institutional sales, and trading activities throughout the world.
“With all of our fixed-income people now working together under one brand, our clients have better access to RBC’s balance sheet, global distribution, and our world class fixed-income expertise,” said Richard Pilosof, head of Global Debt Markets for RBC Capital Markets. “The rebranding recognizes that we are one team, with one name, continuing to build a fixed-income powerhouse.”
The change comes almost five years after RBC Financial Group acquired Dain Rauscher in January 2001. That combination has created the 11th-largest debt underwriter, according to the company, and its municipal banking business ranks eighth in senior managed deals and third in the number of issues brought to market, according to Thomson Financial. With the integration of the RBC Dain Rauscher name, RBC Capital Markets now has 3600 employees in 60 offices in 11 countries.
While the name change will not affect the operational aspects of how the company conducts business, the move will provide existing RBC Dain Rauscher clients with increased access to a broad array of investment products and a deeper balance sheet. The change also represents the passing of a familiar name for long-time municipal bond market participants.
The Dain Rauscher brand has existed under various names since 1929, when J.M. Dain moved to Minnesota to open J.M. Dain & Co., a municipal bond shop. After a series of mergers, the company operated under the name Dain, Kalman & Quail Inc. and had 400 employees in 1967. That company went public in 1972 with an offering of 250,000 shares.
In 1978, Dain, Kalman & Quail merged with Bosworth Sullivan and renamed itself Dain Bosworth Inc. In January 1982, the holding company for Dain Bosworth merged with the holding company of Rauscher Pierce Refsnes Inc. but the two firms operated as sister companies under separate names. It wasn’t until 1998 when a wave of industry consolidation produced the now-familiar name Dain Rauscher.
