What Phillips, Hager & North does

Phillips, Hager & North (PH&N) is a Canadian investment management firm founded in 1964, headquartered in Vancouver, British Columbia, and operating today as a wholly owned subsidiary of RBC Global Asset Management Inc. (RBC GAM), itself an indirect wholly owned subsidiary of Royal Bank of Canada. The firm runs two complementary businesses under its brand: PH&N Investment Services, a direct-to-consumer platform offering low-fee RBC and PH&N mutual funds to individual Canadians through RRSP, TFSA, and RRIF accounts; and PH&N Institutional, a division of RBC GAM with offices in five Canadian cities serving pension plans, endowments, and foundations. The retail platform is built on a web-based client portal that supports online account opening, fund selection, portfolio construction, and account management, supplemented by toll-free phone-based Investment Funds Advisors and a bilingual English/French interface. Interactive client tools include a Fee Advantage Calculator (which benchmarks PH&N's pricing against Morningstar category median MER using data through September 30, 2024) and a Portfolio Builder that lets clients construct diversified portfolios across asset class, geography, and industry sectors.

The company's go-to-market is direct-to-consumer for the retail segment, with no third-party distributor relationships; clients are acquired through the website, an online goal-setting questionnaire, a toll-free advisory line (1-800-661-6141), and mail-based information package requests. Revenue is generated through two recurring streams: (i) Management Expense Ratios (MER) charged on mutual fund AUM across Series A/D/DZ and Series F share classes, and (ii) a flat 0.40% dealer fee applied to portfolio holdings, with Series F made available to fee-based account clients as of January 10, 2017. PH&N Institutional serves Canadian institutional investors through RBC GAM's full platform of more than 280 investment strategies spanning equities, fixed income, alternatives, and custom multi-asset solutions. PH&N Investment Services has been consecutively recognized by Crisil Coalition Greenwich as a Quality Leader in client service across an 11-year streak (2014-2024), and in 2025 was named Best Asset Manager for Institutional Investors in Canada. The firm operates under Canadian Investment Regulatory Organization (CIRO) oversight and reports an employee count of 251-500.

Name

Phillips, Hager & North

Legal name

Phillips, Hager & North Investment Funds Ltd.

Website

https://phn.com

Company type

Private

Founded year

1964

Operating status

Operating

Headcount range

251–500 employees

Short description

Phillips, Hager & North is a Canadian investment management firm founded in 1964, operating as a wholly owned subsidiary of RBC Global Asset Management. It offers low-fee mutual funds to individual Canadians through a direct-to-consumer web platform and serves institutional clients via PH&N Institutional across Canada.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Full-Service Retail Brokerage & Wealth Platforms (FSAAAAAA)

Keywords

• Mutual fund management
• Retirement savings plans
• Wealth management services
• Canadian investment funds
• Portfolio advisory

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Mutual Fund Management Fees (MER): PH&N earns revenue through Management Expense Ratios (MER) charged on mutual fund assets under management. MER varies by fund and is based on actual expenses for the preceding calendar year or most recent half-year period ended June 30, expressed on an annualized basis. The company offers funds through Series A/D/DZ and Series F share classes.
2. Dealer Fee: PH&N charges a competitive dealer fee of 0.40% of portfolio holdings in addition to the fund's MER. Series F is available to clients with a fee-based account (as of January 10, 2017), while Series D is available only to clients who started investing on or before January 9, 2017.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Phillips, Hager & North provides Canadian investors with access to a range of mutual funds under the RBC Funds and PH&N Funds families, held within registered account types such as RRSP, TFSA, and RRIF. Investors receive support through phone-based Investment Funds Advisors and online planning tools including the Fee Advantage Calculator and Portfolio Builder. Distribution is direct-to-consumer through the phn.com website.

Product overview

PH&N Investment Services operates as a Canadian investment advisory firm that distributes low-fee mutual funds from RBC Global Asset Management. The core offering consists of two fund families (RBC Funds and PH&N Funds) spanning equity, fixed income, balanced, and money market categories across multiple series (A/D/DZ, F, FT5, FZ). Account holders can invest through registered account types (RRSP, TFSA, RRIF) and access personalized guidance via phone advisors or self-service tools including a Fee Advantage Calculator and Portfolio Builder. The firm emphasizes competitive dealer fees of 0.40% and has been serving Canadian investors since 1964.

Differentiator

Problem solved

Functional benefit

Brands

• PH&N Institutional: The institutional business division of RBC Global Asset Management Inc. providing tailored portfolio management for institutional investors in Canada.

Products and services

• RBC Funds and PH&N Funds mutual fund families

Quantifiable outcome

• Fee savings example: $25,000 initial investment over 3 years saves $670 compared to industry median MER (based on Series F MER for RBC Select Balanced Portfolio plus 0.4% dealer fee vs. median MER for balanced portfolio category)

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• RBC Global Asset Management Inc. (RBC GAM)coreStrategic or Co-development PartnerPH&N Investment Services is a trade name used by Phillips, Hager & North Investment Funds Ltd., a wholly owned subsidiary of RBC Global Asset Management Inc. (RBC GAM). As part of the RBC GAM family, PH&N offers access to a full range of low-fee mutual funds from RBC GAM. RBC GAM is an indirect wholly owned subsidiary of Royal Bank of Canada.
• Royal Bank of Canada (RBC)coreStrategic or Co-development PartnerRoyal Bank of Canada is the ultimate parent company of PH&N Investment Services through its ownership of RBC Global Asset Management. PH&N operates as 'An RBC Company' and leverages the RBC brand, infrastructure, and distribution capabilities while maintaining its distinct low-fee investment services positioning.
• Morningstar Research Inc.minorOthersMorningstar Research Inc. provides industry median MER (Management Expense Ratio) data used by PH&N in its Fee Advantage Calculator. Data as of September 30, 2024 is used to demonstrate potential fee savings compared to category medians.
• Crisil Coalition GreenwichminorOthersCrisil Coalition Greenwich is an industry analyst firm that conducts research and awards recognition to leading asset managers. PH&N Institutional has been recognized as a Best Asset Manager and Greenwich Quality Leader for 11 consecutive years based on interviews with institutional investors.

Scale indicators2 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Wealthsimple: Canada's largest independent robo-advisor and digital wealth platform offering automated investing, trading, and tax-smart portfolios at lower cost than traditional mutual fund dealers. Represents the digital-first challenger that threatens PH&N's fee-conscious retail segment.
• Questwealth / Questrade: Canadian low-cost self-directed brokerage and emerging robo-advisor (Questwealth Portfolios). Competes with PH&N in the fee-conscious segment with a fully digital platform and lower all-in cost structure.

Direct peers

• Fidelity Investments Canada: Fidelity's Canadian arm offering mutual funds, ETFs, and self-directed brokerage services. Comparable to PH&N as a multi-product retail investment platform with both fund manufacturing and distribution capabilities in Canada.
• BMO InvestorLine: BMO's flagship self-directed investing platform offering mutual funds, ETFs, and GICs to Canadian retail investors with tiered fee structures — directly comparable to PH&N's D2C mutual fund distribution model.
• CIBC Investor's Edge: CIBC's self-directed retail investing platform offering mutual funds, ETFs, and fixed income products to Canadian retail investors — a bank-channel direct peer to PH&N's D2C mutual fund offering.
• iA Financial Group (iA Wealth): Canadian insurer-owned wealth platform offering mutual funds (via iA Clarington) and advisory services to retail and institutional investors. Comparable to PH&N as a full-service Canadian wealth manager with multi-channel distribution.
• TD Direct Investing: TD's self-directed retail brokerage platform offering mutual funds, ETFs, and advice services to Canadian investors. Competes head-to-head with PH&N for self-directed retail flows within a major Canadian bank ecosystem.
• Mackenzie Investments: One of Canada's largest Canadian-domiciled mutual fund companies offering a broad suite of actively managed funds. Directly comparable to PH&N on product offering (mutual funds) and target market (Canadian retail and institutional investors).
• RBC Direct Investing: RBC's self-directed retail brokerage platform and direct sibling within the RBC family. Competes for the same low-cost, do-it-yourself Canadian retail investor segment that PH&N targets with its low dealer fee and mutual fund model.

Broad incumbents

• Vanguard Investments Canada: Global low-cost investment giant operating in Canada with a focus on index mutual funds and ETFs. Directly competes with PH&N on the low-fee thesis and pressures active mutual fund pricing across the Canadian market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Phillips, Hager & North