RBC GAM-US partners Destra to distribute alternative investments to intermediaries
Asset manager Destra Capital has formed a strategic partnership with RBC Global Asset Management US (RBC GAM-US) to distribute alternative investment solutions to intermediary investors and wealth management platforms.
The new RBC BlueBay Enhanced Income Fund, a closed-end interval fund focused on investing in equity and junior debt tranches of collateralised loan obligations (CLOs) which launched last month, will be marketed and distributed via the partnership.
The fund will be managed by the RBC BlueBay securitised credit team which has offices in both the US and the UK.
The combination of RBC GAM-US’s experience in credit strategies and Destra’s alternative distribution network will “address growing demand for income-oriented, alternative investments”, the companies said in a statement.
RBC GAM is the asset management division of Royal Bank of Canada and manages more than $570bn (£426bn) in assets.
“We are thrilled to expand our partnership with RBC Global Asset Management-US, a globally respected manager in alternative credit investing,” said Dominic Martellaro, chief executive of Destra Capital. “This collaboration reflects our shared dedication to innovation and client success. By uniting Destra’s distribution expertise with RBC GAM-US’s investment prowess, we will provide advisors with tools to help navigate complex markets and potentially provide additional value to their clients.”
Read more: RBC BlueBay prices BBAM Euro CLO at €400m
Donald Sanya, chief executive of RBC Global Asset Management-US, called the partnership “a significant step forward in delivering innovative alternative solutions to financial intermediaries and wealth management platforms”, adding that it will “address the evolving needs of financial advisors and their clients seeking diversified income strategies”.
In 2018, Destra launched the BlueBay Destra International Event-Driven Credit Fund, with Destra Capital Advisors as adviser and RBC BlueBay as sub-adviser, making this the second alternative credit vehicle that Destra and RBC have partnered on.
The fund focuses on stressed, distressed and other global credit opportunities in developed markets.
Read more: RBC BlueBay prices 16th CLO at $400m
