The asset management division of the Royal Bank of Canada announced Monday that it has made a slew of changes to its fund structure.
RBC Global Asset Management said that that it has reduced the fees for two of its funds, and launched a new share class for four funds as part of its “ongoing effort to increase [the firm’s] presence and grow [its] business in the retail advisory marketplace,” RBC GAM CEO and chief investment officer Mike Lee said.
RBC added that it has eliminated the management fees charged on assets purchased with borrowed capital, which has been effective since November 27. On that date, the firm launched Class A shares for four of its funds sub-advised by its London-based affiliate BlueBay Asset Management. The new share class offers U.S. investors broader accessibility to BlueBay's global and emerging market fixed income investment expertise.
RBC GAM manages more than $295 billion in assets, and has about 1,000 employees in offices across Canada, the U.S., Europe and Asia.