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Please read the following terms and conditions carefully. By accessing rbcgam.com and any pages thereof (the "site"), you agree to be bound by these terms and conditions as well as any future revisions RBC Global Asset Management Inc. ("RBC GAM Inc.") may make in its discretion. If you do not agree to the terms and conditions below, do not access this website, or any pages thereof. Phillips, Hager & North Investment Management is a division of RBC GAM Inc. PH&N Institutional is the institutional business division of RBC GAM Inc.

No Offer

Products and services of RBC GAM Inc. are only offered in jurisdictions where they may be lawfully offered for sale. The contents of this site do not constitute an offer to sell or a solicitation to buy products or services to any person in a jurisdiction where such offer or solicitation is considered unlawful.

No information included on this site is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any product or service. The amount of risk associated with any particular investment depends largely on the investor's own circumstances.

No Reliance

The material on this site has been provided by RBC GAM Inc. for information purposes only and may not be reproduced, distributed or published without the written consent of RBC GAM Inc. It is for general information only and is not, nor does it purport to be, a complete description of the investment solutions and strategies offered by RBC GAM Inc., including RBC Funds, RBC Private Pools, PH&N Funds, RBC Corporate Class Funds and RBC ETFs (the "Funds"). If there is an inconsistency between this document and the respective offering documents, the provisions of the respective offering documents shall prevail.

RBC GAM Inc. takes reasonable steps to provide up-to-date, accurate and reliable information, and believes the information to be so when published. Information obtained from third parties is believed to be reliable, but no representation or warranty, express or implied, is made by RBC GAM Inc., its affiliates or any other person as to its accuracy, completeness, reliability or correctness. RBC GAM Inc. assumes no responsibility for any errors or omissions in such information. The views and opinions expressed herein are those of RBC GAM Inc. and are subject to change without notice.

About Our Funds

The Funds are offered by RBC GAM Inc. and distributed through authorized dealers. Commissions, trailing commissions, management fees and expenses all may be associated with the Funds. Please read the offering materials for a particular fund before investing. The performance data provided are historical returns, they are not intended to reflect future values of any of the funds or returns on investment in these funds. Further, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. The unit values of non-money market funds change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual fund securities are not guaranteed by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Past performance may not be repeated. ETF units are bought and sold at market price on a stock exchange and brokerage commissions will reduce returns. RBC ETFs do not seek to return any predetermined amount at maturity. Index returns do not represent RBC ETF returns.

About RBC Global Asset Management

RBC Global Asset Management is the asset management division of Royal Bank of Canada ("RBC") which includes the following affiliates around the world, all indirect subsidiaries of RBC: RBC GAM Inc. (including Phillips, Hager & North Investment Management and PH&N Institutional), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, BlueBay Asset Management LLP, and BlueBay Asset Management USA LLC.

Forward-Looking Statements

This website may contain forward-looking statements about general economic factors which are not guarantees of future performance. Forward-looking statements involve inherent risk and uncertainties, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement. All opinions in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.

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Founded in 1964, PH&N Institutional has grown to become one of Canada’s most established institutional asset managers. From offices in Toronto, Vancouver, Montreal, Thunder Bay, and Winnipeg, we offer clients a full spectrum of asset classes and investment strategies spanning equities, fixed income, and alternatives. We further support our clients with regular, detailed reporting, thought leadership, and educational resources.

  • A breadth of investment strategies

    We work in partnership with RBC GAM’s global network of 16 specialized investment teams to develop relevant investment solutions to help each client pursue their unique financial objectives. We offer a range of asset classes and investment solutions, including objective-specific mandates, liability-driven investment portfolios, and fully delegated portfolio services.

  • Custom portfolio solutions

    Working collaboratively with our clients and their consultants, we design portfolios of pooled funds to address each client’s specific needs. Informed by rigorous analytical capabilities, market expertise, and careful consideration of client-specific details, our Institutional Portfolio Solutions (IPS) group is frequently engaged to further tailor portfolio structure and strategy.

  • Service-oriented culture

    Commitment to excellence in client service is a recognized hallmark of our approach. Crisil Coalition Greenwich recently named us a 2025 Best Asset Manager for Institutional Investors in Canada1, following 11 consecutive years of awards designating us a “Greenwich Quality Leader” in client service.

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1The 2025 award highlights asset managers who distinguish themselves by delivering both high-quality investments and superior levels of client service, while the prior years’ awards focused on excellence in client service. Recipients of these awards were determined via interviews with institutional investors in Canada.

Pension plans

We work with pension plan sponsors of all types and have a deep understanding of the wide range of objectives and regulatory requirements faced by different types of plans.

Universities & endowments

We have a long history of managing assets for university pensions, endowments, and operating funds.

Indigenous communities & organizations

We work with many Indigenous clients across Canada to create solutions that address generational goals as well as shorter-term, community-specific needs.

Learn more

Government entities

We assist government bodies with the management of both short-term operating funds and longer-term assets.

Not-for-profit organizations

We provide not-for-profit organizations with access to the same investment capabilities as are available to larger institutions.

Family enterprises

As institutional investment managers, we provide family offices with the same direct insight and portfolio management resources as we do to large organizations.

Insurance companies

We have a dedicated team of investment professionals who focus on portfolio management and service for highly customized insurance portfolios.

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Sixty years ago, Art Phillips, Bob Hager, Rudy North and Dick Bradshaw founded Phillips, Hager & North (PH&N) on the principles of results-driven client focus, professional growth and integrity, proprietary investment research, and a supportive and engaging corporate culture. Daily, we aim to honour their foresight and celebrate the principles that continue to motivate and guide us from one generation to the next.

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PH&N Institutional has been providing Canadian-based organizations with excellence in investment management and service for over half a century.

A different kind of investment firm is founded

In 1964, Phillips, Hager & North (PH&N) was founded in Vancouver by Art Phillips, Bob Hager, and Rudy North, who were soon joined by Dick Bradshaw. They aimed to create a unique investment firm, offering active management, transparency, and modest asset-based fees, differentiating themselves from the limited options of insurance companies or high commissions of brokerage firms that were available at that time.

Their first strategy focused on U.S. equities and served both institutional and individual investors. In 1967, PH&N broadened its strategy offering to include Canadian equities, adhering to a growth at a reasonable price (GARP) approach.

Building a reputation

PH&N favoured growth companies when value investing was the accepted norm, and was an early adopter of utilizing earnings momentum, earnings surprise, and relative strength to uncover successful companies that could also become successful investments. While building its investment reputation, PH&N also became known for its ethics, transparency, and lower fees, and the firm found itself growing at an enviable pace.

Fixed income strategies introduced

In the 1970s, PH&N began to offer fixed income strategies and also began to develop a specialization in mortgage investing. The firm was instrumental in helping found a commercial mortgage intermediary to act as a direct lender for its fixed income accounts, helping control the quality of the mortgages sourced for its clients.

Fixed income desk formally established

Formally established in 1984, the PH&N Fixed Income desk redefined its approach to fixed income investing by using the latest academic research to identify relatively undervalued bonds among a massive universe of seemingly generic fixed income securities, and expanding into the realm of high yield bonds and other non-traditional investments.

Embracing technology

The use of cutting-edge technology helped define PH&N’s approach. In the 1980s, PH&N was one of the first money managers in Canada to employ personal computers to screen for emerging investment opportunities. When the tools didn't exist, PH&N built them in house, and employing proprietary investment techniques became a hallmark of the firm.

Investment in new systems, strategies, and services

PH&N invested heavily in performance attribution analysis to better understand portfolio performance. These computerized systems clearly attributed sources of success and failures in investment portfolios, and whether those developments were random or generated by specific manager behaviours.

PH&N began offering long bond strategies and liability-driven investing (LDI) approaches in 1992, and services dedicated to Indigenous communities and organizations in 1996.

Expanding into global equity markets

PH&N acquired new expertise in global equity markets when it helped found Sky Investment Counsel Inc. in 2004 and, a year later, acquired BonaVista Asset Management Ltd. Responsible investment strategies were implemented in 2002, and emerging markets equities were added to the firm's offerings in 2009.

Acquired by Royal Bank of Canada (RBC)

PH&N was acquired by RBC in 2008. By this time, PH&N had become one of Canada's most established independent investment management firms, with about $70 billion in assets under management for institutions, non-profit organizations, private clients, and mutual fund investors.

Growing global presence leads to expanded offerings for clients

In 2010, PH&N joined affiliates in the UK and U.S. to form the asset management division of RBC, known as RBC Global Asset Management (RBC GAM). The PH&N institutional business – later renamed PH&N Institutional – retained its exclusive focus on Canadian institutional clients.

That same year, PH&N Institutional’s global fixed income offering gained a significant competitive advantage with RBC’s acquisition of BlueBay Asset Management LLP (BlueBay), a specialist fixed income manager headquartered in London and offering a range of investment strategies across traditional fixed income and alternative credit.

PH&N Institutional begins offering innovative, alternative strategies

In order to help institutional clients in their search for yield, PH&N Institutional expanded their offering of innovative, alternative strategies to include market neutral and long/short equities (2011), direct lending (2012), diversified absolute return (2013), portable alpha (2016), and Canadian core real estate (2019).

Over this decade, the firm also launched its first fossil fuel free strategy, a suite of core and low volatility quantitative equity strategies, and a range of target date strategies aimed at producing inflation-adjusted income for plan members in retirement.

Further expansion in a challenging time

The decade began with the onset of global pandemic-induced lockdowns. PH&N Institutional moved its operations online without missing a beat, and continued to manage accounts, trade securities, and navigate volatile markets while maintaining a steadfast focus on client service.

In 2021 and 2022, the firm expanded its suite of fossil fuel free strategies, and in 2022, launched its global infrastructure strategy, providing Canadian institutional investors with even more access to opportunities in private markets.

Among Canada’s most established institutional asset managers

PH&N Institutional is among Canada’s most established institutional asset managers, and has a long-standing reputation for distinctive active management and industry-leading service.1

1PH&N Institutional was named a 2025 Best Asset Manager for Institutional Investors (Canada) – see details here; Greenwich Quality Leader awards in prior years recognized excellence in client service (see 2024 award details here for example). Recipients are determined via interviews with institutional investors in the region.

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Since RBC GAM's acquisition of PH&N in 2008, PH&N has been integrated into RBC GAM's culture of excellence. Diverse viewpoints and backgrounds thrive at RBC GAM. Better investment decisions are the result. Fostering a learning environment to grow together, and encouraging and challenging each other, has developed our culture of collaboration and innovation.

  • 16

    Investment teams

    (as of 12.31.25)

  • 4

    Specialty research & development teams

    (as of 12.31.25)

  • 400+

    Investment professionals

    (as of 12.31.25)

  • $785B+

    CDN AUM worldwide

    (as of 12.31.25)

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