Royal Bank of Canada
BlueBay is a wholly-owned subsidiary of Royal Bank of Canada (“RBC”), one of the largest banks in the world based on market capitalisation and one of North America’s leading diversified financial services companies. RBC carries out its activities in five business segments; Personal and Commercial Banking; Wealth Management; Insurance; Investor and Treasury Services; and Capital Markets. BlueBay forms part of RBC Global Asset Management, a Group included in RBC’s Wealth Management business segment.
As a member of the RBC Group, BlueBay is subject to additional oversight on Corporate Governance matters via RBC’s Subsidiary Governance Office.
BlueBay is an English limited liability partnership, domiciled in the United Kingdom and regulated and authorised by the Financial Conduct Authority. The investment management business of BlueBay was transferred from BlueBay Asset Management (Services) Ltd (“BBAM Services”) to BlueBay’s LLP (“the LLP”) corporate structure on 2 April 2012 and all regulatory permissions and passports held by BBAM Services were transferred to the LLP at this time. This was a positive development for BlueBay and its clients. Key senior employees, including the Senior Portfolio Managers, were made Partners of the LLP, bringing an enhanced sense of ownership and commitment to the future. In total, there are 33 Partners in the BlueBay Group, 5 of whom are designated ‘Overseas Partners’ as they reside outside the UK. The Partnership represents the senior body of key managers and decision makers of the LLP, with the Management Committee providing overall oversight and ultimate management of the BlueBay Group.
The Board is responsible for reviewing the adequacy and effectiveness of the internal controls; the risk management processes and the legal, regulatory and compliance functions. It meets on a quarterly basis; agrees BlueBay’s Group strategic direction; and approves the Group Annual Budget and multi-year Financial Plan. Regular financial information is provided to the Board in addition to the Board Packs, in the form of a monthly Management Accounting Pack.
The Board has established two Group Committees to oversee certain aspects of BlueBay’s business activities; the Remuneration Committee and the Management Committee.
The Remuneration Committee
The Remuneration Committee reviews and approves the remuneration philosophy and policies of the BlueBay Group. It is responsible for setting the remuneration of all Executive Members of the LLP Board and for determining the level and structure of remuneration for senior staff.
The Management Committee
The Management Committee is responsible for the execution of the business strategy and therefore bears responsibility for ensuring effective management and oversight of the BlueBay business. It coordinates the development of business strategy and reviews overall financial performance against budget. The Members of the Management Committee collectively have direct responsibility for all functions within the firm and receive regular management information reports from the various departments, through regular meetings with the department heads. The Management Committee comprises of the CEO, CIO, COO-CRO, Chief Administration Officer and the Global Head of Business Development. The Management Committee meets monthly.
Environmental, Social and Governance
To find out more about our approach to Environmental, Social and Governance (“ESG”) with regards to the investment process please refer to the ESG section of the site.
For information about BlueBay’s approach to its day-to-day activities with regards to staff, the marketplace, community and the environment, please refer to our Corporate Responsibility section.