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Welcome to the RBC Global Asset Management site for Institutional Investors
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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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Today

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

2010s

In order to help institutional clients in their search for yield, PH&N Institutional began offering innovative, alternative strategies: market neutral and active extension equity strategies (2011), direct lending (2012), and diversified absolute return strategies (2013).

2010

PH&N Institutional was amalgamated with RBC Asset Management Inc. to form the Canadian asset management division of Royal Bank of Canada (RBC), known as RBC GAM.

In addition, BlueBay Asset Management LLP (BlueBay) of the U.K. was acquired by RBC and joined RBC GAM, expanding the latter's global presence. BlueBay's expertise in highly specialized asset classes is reflected in their more than 10 years of steady growth through a range of markets. This acquisition provided a significant competitive advantage to PH&N Institutional's global fixed income offering.

2008

PH&N Institutional was acquired by RBC, a widely held financial services company (RY) listed on the Toronto and New York stock exchanges. By that time, PH&N Institutional had become one of Canada's leading independent investment management firms, with about $70 billion in assets under management for institutions, non-profit organizations, private clients, and mutual fund investors.

2000s

PH&N Institutional launched into the 21st century with enthusiasm, demonstrating a renewed commitment to delivering relevant investment solutions to clients. The firm 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. Socially responsible strategies were implemented in 2002, and emerging markets equities were added to the firm's offerings in 2009.

1990s

Transparency – a hallmark of the firm – means understanding and explaining why and how developments happen. PH&N Institutional was among the first managers in Canada to invest heavily in investment performance attribution analysis – computerized systems that clearly attributed sources of successes and failures in investment portfolios and whether those developments were random or generated by specific manager behaviours.

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

1980s

PH&N Institutional formally established the PH&N Institutional Fixed Income desk in 1984. Through the use of the latest academic research to identify relatively undervalued bonds among a massive universe of seemingly generic fixed income securities, PH&N Institutional redefined fixed income investing, then further demonstrated leadership in understanding and redefining "risk" in the realm of high-yield bonds and other forms of non-traditional investments.

The use of cutting-edge technology helped define PH&N Institutional's approach. In the 1980s, PH&N Institutional was one of the first money managers in Canada to employ desktop or personal computers (powered by Intel 186 chips – state of the art at the time!) to screen for emerging investment opportunities. When the tools didn't exist, PH&N Institutional built them in house, and employing distinctive investment techniques became a hallmark of the firm.

1970s

The founding partners were pioneers, putting Western Canada on the map for independent investment management. When it came to investing on its clients' behalf, PH&N Institutional favoured growth companies when value investing was the accepted norm among the investment elite. Indeed, PH&N Institutional 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 Institutional also became known for its ethics and transparency. With below-average fees and above-average performance, the firm grew at an enviable pace. Protecting itself from hubris was rooted deep within the culture from day one, a culture based on humility with an unwavering focus on operating in the best interest of clients.

In the 1970s, PH&N Institutional 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 PH&N Institutional fixed-income accounts, helping us control the quality of the mortgages sourced for our clients.

1960s

PH&N Institutional broadened its strategy offering to include Canadian equities in 1967, adhering to a GARP (growth at a reasonable price) approach.

1964

PH&N Institutional was founded in Vancouver by Art Phillips, Bob Hager and Rudy North, and soon joined by Dick Bradshaw. The founding partners set out to create a different kind of investment firm. In those days, investment management was primarily the domain of insurance companies and brokerage firms. The former offered limited investment options and with the latter, clients could face high commission costs generated through unnecessary portfolio turnover. The firm offered a somewhat different approach: active investment management, transparency, and modest fees based on portfolio assets, so clients knew what they were paying for in their portfolio. The first strategy offered was U.S. equities.

1Phillips, Hager & North Investment Management (now known as PH&N Institutional) was named a 2020 Greenwich Quality Leader in Canadian Institutional Investment Management Service (details available here). Greenwich Quality Leaders are distinguished for providing the industry’s highest-quality service as determined by Canadian institutional investors. We have been recognized as a Greenwich Quality Leader for the past seven years.