RBC Global Asset Management Expands Alternative Product Set with Launch of New Interval Fund

• RBC Global Asset Management (U.S.) Inc. announced the launch of the RBC BlueBay Enhanced Income Fund, a closed-end interval fund targeting U.S. and European collateralized loan obligations (CLOs).
• The fund focuses on equity and junior debt tranches (BB and B ratings) with a semi-liquid structure offering quarterly repurchase offers (minimum 5%).
• Managed by BlueBay's Securitized Credit team; distributed by Destra Capital Advisors.
• No AUM targets, fee structures, or financial terms were disclosed. The product aims to democratize institutional-grade alternative credit for retail and intermediary investors.

• The June 8 interval fund launch is Routine - Positive. It is a standard product expansion for RBC GAM that aligns with industry trends toward semi-liquid alternative structures. It does not change the earnings profile, capital allocation, or credit outlook established in the May 28 Q2 print.
• The stock's +3.4% move since the Q2 print implies the market has already absorbed the sequential earnings dip and focused on the credit improvement and capital returns. The product launch adds no new asymmetric upside. No material re-rating is expected.

Royal Bank of Canada is Canada's largest bank by market capitalization, operating across Personal & Commercial Banking, Wealth Management, Insurance, Capital Markets, and Global Asset Management. The bank is recognized for its diversified business model, AI leadership (#1 in Canada, #3 globally for AI maturity), and consistent capital returns. RBC's brand value reached $51.5 billion USD, and it maintains a strong presence in North American and international markets.