Royal Bank of Canada has an agreement to acquire an investment advisor servicing business from New York-based J.P. Morgan for an undisclosed price, subject to regulatory approvals.

The business unit will be renamed and become part of RBC Advisor Services, which is a unit of RBC Wealth Management's U.S. division.

RBC Advisor Services specializes in providing custody and clearing services for third-party registered investment advisors.

Canada's largest bank said the acquisition of J.P. Morgan's Third Party Registered Investment Advisor Servicing business is part of a strategy to build RBC Advisor Services in the United States.

J.P. Morgan is one of the biggest banking companies in the United States.