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Welcome to the RBC Global Asset Management site for Institutional Investors

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

This RBC Global Asset Management (U.S.) Website is intended for institutional investors only.

For purposes of this Website, the term "Institutional" includes but is not limited to sophisticated non-retail investors such as investment companies, banks, insurance companies, investment advisers, plan sponsors, endowments, government entities, high net worth individuals and those acting on behalf of institutional investors. The Website contains information, material and content about RBC Global Asset Management (collectively, the “Information”).

The Website and the Information are provided for information purposes only and do not constitute an offer, solicitation or invitation to buy or sell a security, any other product or service, or to participate in any particular trading strategy. The Website and the Information are not directed at or intended for use by any person resident or located in any jurisdiction where (1) the distribution of such information or functionality is contrary to the laws of such jurisdiction or (2) such distribution is prohibited without obtaining the necessary licenses and such authorizations have not been obtained. Investment strategies may not be eligible for sale or available to residents of certain countries or certain categories of investors.

The Information is provided without regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not constitute investment, tax, accounting or legal advice. Recipients are strongly advised to make an independent review with an investment professional and reach their own conclusions regarding the investment merits and risks, legal, credit, tax and accounting aspects of any transactions.

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The PH&N Fixed Income team based in Vancouver, Canada, is one of Canada’s largest fixed income managers. The team of experts follows a collaborative investment process using multiple strategies to meet client needs depending on opportunity and risk.

The key objective of our fixed income approach is to add value while controlling risk. The following characteristics distinguish our approach to fixed income investing:

  • the use of multiple strategies to add value;
  • a conservative approach, with moderate positions taken concurrently in a number of strategies focusing on the risk/reward profile for the strategy and the portfolio overall;
  • an emphasis on risk controls using strict guidelines and rigorous monitoring; and
  • an emphasis on the use of yield-enhancing strategies, such as foreign, corporate, and provincial bonds and mortgages;
  • incorporating a comprehensive risk-based approach that includes environmental, social, and governance (ESG) downside risk analysis for applicable types of investments*

*Certain investment strategies or asset classes do not integrate ESG factors, including but not limited to money market, passive and certain third-party sub-advised strategies.


Investment process

The investment process revolves around using the ideas and skills of the Fixed Income team, and applying them to the specific parameters of each portfolio. The investment process can be broadly divided into four parts:

Idea generation & research
  • Formation of markets view
  • Specialty team opportunity analysis
Communication, coordination & relative value
  • Consultation with strategy area specialists
    • Formal & informal
  • Relative value analysis
  • Environmental, social, and governance downside risk analysis, where applicable
Portfolio construction
  • Assessment of risk/reward impact on portfolio
  • Qualitative and quantitative review of risk interactions with existing strategies
    • Correlation and volatility analysis
    • Ranking of opportunities
  • Position sizing
  • Portfolio construction and testing
Measuring performance
  • Daily review and monitoring
  • Continuous evaluation of expected versus actual results

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