RBC GAM is a global asset manager with a stronghold in the Canadian market, where 73% of its assets reside as of December 2022. The firm’s global presence is represented by 11% and 16% of assets in the United States and other overseas markets, respectively. It has a history of growing its investment resources, through both acquisitions and organic expansion. Notable acquisitions include Philipps, Hager & North (PH&N) in 2008 and BlueBay Asset Management in 2010, whereas other specialized teams have grown through more natural expansions. Investment teams share a common reporting line but operate autonomously, potentially limiting a unified firm culture.
The firm leverages the extensive resources of its parent, RBC Bank, including its wide-reaching distribution channel. A strategic alliance formed in 2019 with BlackRock enhances RBC GAM’s already successful platform of active and passive strategies across multiple asset classes. Over 50% of RBC GAM’s strategies earn a Morningstar Quantitative Rating of Bronze, Silver, or Gold, product lineup turnover is reasonable, and pricing is competitive. Roughly half of the strategies list only one lead portfolio manager, which is at odds with the experienced investment teams’ stated team-based approach.
Publicly available information regarding team capacity, risk management, product development, and areas of focus for growth is limited, and RBC GAM declined to participate in Morningstar’s parent-level due diligence efforts, so questions remain. But overall the firm is a solid asset manager.