Bloomberg News reports that the new firm will be called Taursa Capital Partners and open by the end of the year, said the people, who asked not to be identified because the plans are private and subject to regulatory approval.
Mark Standish, 53, the former co-head of RBC Capital Markets, is a principal of the fund, along with Richard Tavoso, who oversees RBC’s global arbitrage and trading business, and Ed McBride, the unit’s head trader, the people said. Standish declined to comment when reached by e-mail, while Tavoso and McBride didn’t respond to messages.
Royal Bank has been reviewing possibilities for its global arbitrage and trading unit since the U.S. released a final version in December of the Volcker Rule, which restricts banks’ ability to trade with their own money. Royal Bank would invest in the new fund without retaining an ownership stake, the people said.
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