RBC Global Asset Management (GAM) has announced a significant strategic appointment, bringing on board Brandon Gill New as its new global head of private markets. This move underscores RBC GAM’s aggressive expansion plans for its alternatives business, a sector identified as a critical engine for achieving its ambitious target of $1.1 trillion in assets under management (AUM) by 2029. Gill New, a seasoned investment professional with over 25 years of experience, particularly within large Canadian pension funds, assumes her new role based in Toronto, reporting directly to Stu Kedwell, global chief investment officer of RBC GAM.
The creation of this dedicated global head of private markets role, and Gill New’s subsequent appointment on October 13, 2026, signals a heightened focus on this rapidly growing segment of the investment landscape. Since its formal launch in 2019, RBC GAM’s private markets business has already amassed over $15 billion in client investments. This substantial growth trajectory is now poised for further acceleration under Gill New’s leadership, as the firm seeks to significantly scale its alternative investment offerings.
A Deep Well of Experience in Institutional Investing
Brandon Gill New’s impressive career spans over two and a half decades, during which she has cultivated extensive expertise across both public and private asset classes. Her most recent role was as managing director and head of external partnerships, public equities at Alberta Investment Management Corporation (AIMCo), a formidable entity managing substantial assets for Alberta’s public sector pension plans, universities, and other endowments. Prior to her tenure at AIMCo, Gill New held a series of progressively senior positions at OPTrust and the Ontario Teachers’ Pension Plan Board (Ontario Teachers’), two of Canada’s most prominent and respected pension fund managers. This background provides her with an intimate understanding of the sophisticated investment needs and long-term perspectives of institutional investors, a key demographic for private markets.
Her experience at these large pension plans has equipped her with a nuanced appreciation for the strategic role that private markets can play in enhancing portfolio diversification, mitigating risk, and generating robust long-term returns. This perspective is invaluable as RBC GAM seeks to broaden its appeal and offerings within this complex asset class.
Strategic Vision for Private Markets Growth
In her inaugural statement following the appointment, Gill New expressed her enthusiasm for joining RBC GAM at what she described as a "pivotal moment" for its private markets business. "Having spent my career investing across public and private asset classes, I’ve seen firsthand how private markets can enhance portfolio diversification and resilience, while delivering long-term value for investors," Gill New stated. She further articulated her forward-looking vision: "I look forward to working with the team to expand our offerings and deliver innovative solutions to both institutional and retail clients."
This statement highlights a dualpronged approach: deepening existing relationships with institutional investors while simultaneously broadening access to private market opportunities for retail investors. The latter represents a significant growth frontier, as retail investors increasingly seek alternative avenues to achieve their financial goals beyond traditional stocks and bonds.
RBC GAM’s Ambitious AUM Target and the Role of Alternatives
The strategic importance of private markets within RBC GAM’s broader growth agenda cannot be overstated. The firm’s ambitious objective of reaching $1.1 trillion in AUM by 2029 positions it among the top global asset managers. Private markets are not merely a contributing factor; they are identified as a central pillar in achieving this monumental target. This reflects a broader industry trend where institutional and increasingly retail investors are allocating larger portions of their portfolios to alternative assets, including private equity, private debt, real estate, and infrastructure, seeking enhanced returns and diversification benefits.
The current private markets platform at RBC GAM encompasses key areas such as Canadian real estate, global infrastructure, and Canadian commercial mortgages. Under Gill New’s guidance, the firm intends to systematically expand these offerings. This expansion is envisioned not only in terms of the breadth of asset classes covered but also geographically, aiming to capture opportunities in new markets and cater to a wider spectrum of client needs across different regions.
The "Alternatives as a Growth Engine" Narrative
Stu Kedwell, global chief investment officer at RBC GAM, framed Gill New’s appointment as instrumental to the firm’s next phase of growth. "As we enter the next phase of growth at RBC Global Asset Management, we are fortunate to have Brandon leading our private markets efforts," Kedwell commented. He further emphasized her suitability for the role: "Her deep investment expertise, global experience, and strong track record position her well to deliver on our objectives as we expand our private markets investment solutions into new regions, asset classes, and investors."
This endorsement from a senior leader within RBC GAM underscores the confidence placed in Gill New’s ability to execute the firm’s ambitious strategy. The focus on "new regions, asset classes, and investors" suggests a comprehensive approach to market penetration, aiming to leverage existing strengths while exploring untapped opportunities.
Broader Industry Context and Implications
Brandon Gill New’s appointment occurs within a dynamic and evolving global investment landscape. The past decade has witnessed a significant surge in the popularity and allocation towards alternative investments. Factors driving this trend include persistently low interest rates in developed economies, which have made traditional fixed-income less attractive, and the pursuit of higher returns by institutional investors facing increasing liabilities and return expectations.
The rise of private markets offers several advantages. For instance, private equity investments can provide access to growth companies not yet publicly traded, potentially offering higher returns through active management and operational improvements. Private debt can offer attractive yields and diversification from traditional credit markets, particularly in a rising interest rate environment. Real estate and infrastructure investments provide tangible assets with potential for stable income streams and inflation hedging.
However, the expansion into private markets also presents challenges. These include the illiquidity of assets, longer investment horizons, higher fees, and the need for specialized expertise in sourcing, due diligence, and managing complex transactions. RBC GAM’s commitment to building a robust private markets business, coupled with the appointment of an experienced leader like Gill New, indicates a strategic effort to navigate these complexities and capitalize on the opportunities.
RBC GAM’s Trajectory and Future Outlook
RBC GAM, as the asset management arm of Royal Bank of Canada, benefits from the financial strength and global reach of its parent company. This backing is crucial for significant investments in new business lines and the development of sophisticated investment products. The firm’s stated AUM target of $1.1 trillion by 2029 is a bold declaration of intent, placing it in direct competition with some of the world’s largest asset managers.
The successful execution of this strategy will likely depend on several key factors:
- Talent Acquisition and Development: Attracting and retaining top-tier talent in specialized areas of private markets will be paramount. Gill New’s background suggests a focus on building high-performing teams.
- Product Innovation: Developing a diverse range of private market products that meet the specific needs of both institutional and retail investors will be critical. This could include sector-specific funds, thematic investments, and tailored solutions.
- Geographic Expansion: Successfully navigating the regulatory and market nuances of different international regions will be essential for global growth.
- Technology and Data Analytics: Leveraging advanced technology and data analytics will be crucial for deal sourcing, risk management, and performance monitoring in the increasingly data-driven world of private markets.
- Client Engagement: Building strong relationships and providing exceptional service to a growing client base will be key to retaining assets and driving further inflows.
The appointment of Brandon Gill New represents a significant step in RBC GAM’s journey to solidify its position as a leading global asset manager with a formidable presence in the rapidly expanding private markets sector. Her extensive experience and strategic vision are expected to be instrumental in driving the firm’s ambitious growth objectives and delivering enhanced value to its clients. The coming years will reveal the extent to which RBC GAM can translate its strategic aspirations into tangible market leadership in the competitive world of alternative investments.
