You are currently viewing the Canadian Institutional website. You can change your location here or visit other RBC GAM websites.

Welcome to the RBC Global Asset Management site for Institutional Investors

In order to proceed to the site, please accept our Terms & Conditions.

Please read the following terms and conditions carefully. By accessing 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.

Accept Decline
PH&N Institutional is the Canadian institutional business within RBC Global Asset Management (RBC GAM). Founded in 1964, PH&N Institutional has grown to become one of Canada’s most established institutional asset managers. From offices in Montreal, Toronto, Thunder Bay, and Vancouver, we offer a full spectrum of asset classes and investment strategies, spanning equities, fixed income, and private markets.

Breadth of high-performing solutions

Our clients have access to a full spectrum of asset classes and investment strategies managed across RBC GAM’s network of 18 specialized investment teams supported by global resources, spanning equities, fixed income, and alternatives.

top view of mountains
.imp-bg-color { background-color: #003168 !important; color: #fff !important; } .imp-bg-color h1, .imp-bg-color h2, .imp-bg-color h3, .imp-bg-color h4, .imp-bg-color h5, .imp-bg-color h6 { color: #fff !important; }

Service-oriented culture

Our commitment to excellence in client service has long been a hallmark of our firm, and we have been named a Greenwich Leader in Overall Canadian Institutional Investment Management Service Quality each of the past ten years, which distinguishes us for providing the industry’s highest-quality service as determined by Canadian institutional investors.

confederation bridge sunset
.imp-bg-color { background-color: #003168 !important; color: #fff !important; } .imp-bg-color h1, .imp-bg-color h2, .imp-bg-color h3, .imp-bg-color h4, .imp-bg-color h5, .imp-bg-color h6 { color: #fff !important; }

Custom portfolio solutions

Working collaboratively with our clients and their consultants, we design highly relevant portfolios of pooled funds tailored to their specific needs. In particular, our Investment Portfolio Solutions (IPS) group is dedicated to providing our clients with investment ideas and advice – informed by rigorous analytical capabilities and careful consideration of their specific objectives – that support the design and implementation of tailored portfolio solutions.

river fields landscape
.imp-bg-color { background-color: #003168 !important; color: #fff !important; } .imp-bg-color h1, .imp-bg-color h2, .imp-bg-color h3, .imp-bg-color h4, .imp-bg-color h5, .imp-bg-color h6 { color: #fff !important; }

Pension plans

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

Universities & endowments

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

Indigenous communities

We work with many Indigenous clients and communities across Canada to create solutions that address each community's specific long-term financial goals.

Government entities

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

Non-profit organizations

We provide non-profits with investment capabilities typically only available to larger institutions.

Family enterprises

We provide family offices with the insight that comes from dealing directly with an investment manager.

Insurance companies

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

We invite you to read our story over the years…

PH&N Institutional has been serving Canadian institutional investors for over half a century.

@media (min-width: 768px) { .chronology-year { position: relative; display: inline-flex; align-items: center; justify-content: center; height: 25px; width: 25px; margin-top: 30px; border-radius: 100%; background-color: #fff; border: 1px solid #0051A5; transition: 0.25s; } .chronology-inner-circle { position: absolute; background: #0051A5; border-radius: 50%; height: 19px; width: 19px; } .chronology-year-title { font-family: RBC Display,Roboto,Arial,sans-serif; margin-bottom: 0; position: relative; right: 40px; } .chronology-year-wrap { text-align: center; } .chronology-year-wrap::before { content: ""; position: absolute; z-index: -1; left: 50%; height: calc(100% + 2rem); width: 1px; background-color: #0051A5; } .chronology-text { background-color: #F5FCFF; padding: 30px; } .chronology-row:last-child .chronology-year-wrap::before { height: calc(100%); } } .chronology-row { margin-bottom: 30px; } .read-more-link { color: #006AC3; text-decoration: underline; } .read-open, .expandable:not(.open) .read-closed { display: block; } .expandable:not(.open) .read-open, .read-closed { display: none; }


PH&N Institutional is 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 service1.


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, seamlessly continuing to manage accounts, trade securities, and navigate volatile markets, while maintaining a steadfast focus on client service.

In 2021 and 2022, we expanded our suite of fossil fuel free strategies to include Canadian and emerging markets equities, as well as domestic fixed income offerings. In 2022, we also launched our global infrastructure strategy, providing Canadian institutional investors with further access to opportunities in private markets.


PH&N Institutional began offering innovative, alternative strategies

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), diversified absolute return strategies (2013), and Canadian core real estate strategies (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.


RBC GAM’s growing global presence leads to greater offering for clients

PH&N was amalgamated with RBC Asset Management Inc. and subsequently joined affiliates in the UK and US 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 and became a division within RBC GAM’s Canadian company.

PH&N Institutional’s global fixed income offering gained a significant competitive advantage that same year with RBC’s acquisition of BlueBay Asset Management LLP (BlueBay), a specialist fixed income investor across seven long-only and alternative strategies.


PH&N acquired by Royal Bank of Canada (RBC)

PH&N was acquired by RBC, a widely held financial services company (RY) listed on the Toronto and New York stock exchanges. 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.


Acquired global equity markets expertise

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. Responsible investment strategies were implemented in 2002, and emerging markets equities were added to the firm's offerings in 2009.


Investment in new systems, new strategies, and new services

Transparency – a hallmark of the firm – means understanding and explaining why and how portfolio developments happen. PH&N invested 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 began offering long bond strategies and liability-driven investing (LDI) approaches in 1992, and services dedicated to Indigenous communities and organizations in 1996.


Fixed Income desk formally established

PH&N formally established the PH&N 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 redefined its approach to fixed income investing, then further demonstrated leadership in understanding "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’s approach. In the 1980s, PH&N 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 built them in house, and employing distinctive investment techniques became a hallmark of the firm.


Fixed income strategies introduced

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 favoured growth companies when value investing was the accepted norm among the investment elite. Indeed, PH&N 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. 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 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’s fixed-income accounts, helping us control the quality of the mortgages sourced for our clients.


Offerings expanded

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


A different kind of investment firm is founded

The investment firm known as Phillips, Hager & North (PH&N) was founded in Vancouver by Art Phillips, Bob Hager and Rudy North, who were soon joined by Dick Bradshaw. The four 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. PH&N 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. From the beginning, PH&N clients included institutional and individual investors.

1PH&N Institutional was named a 2023 Greenwich Leader in Overall Canadian Institutional Investment Management Service Quality (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 ten years.