RBC to Start $723 Million Fund to Keep Canadian Firms at Home

Royal Bank of Canada is starting a growth fund to invest as much as C$1 billion ($723 million) in Canadian businesses, with the aim of fighting a trend of entrepreneurs leaving the country to access foreign capital.

Chief Executive Officer Dave McKay announced the initiative at the company’s annual shareholder meeting Thursday, framing it as part of what he sees as a “once-in-a-generation moment” to turn the country’s economic prospects around.