Toronto-based RBC Global Asset Management has appointed Andrew Hay to lead the firm’s expansion into global infrastructure investments.
Hay was a senior member of the Canada Pension Plan Investment Board’s infrastructure team, and he also served on the board of directors for Ontario’s 407 ETR toll highway. He’ll be based in Toronto and report to Michael Kitt, RBC GAM’s head of private markets and real estate equity investments.
In a release, RBC GAM said the new role was created to further its focus on private markets. “Infrastructure investing can offer our clients the kind of return, yield and volatility profiles that are especially valuable in a world of low single digit interest rates,” said chief investment officer Dan Chornous in a statement.
Other firms have made similar hires in recent months. In May, Manulife Investment Management hired Christoph Schumacher to head global real assets and private markets, and Raymond James hired Onorio Lucchese as managing director of investment banking and head of real estate.