The US arm of Royal Bank of Canada’s Global Asset Management business is launching an infrastructure investment group to be based in Boston.

The group will focus exclusively on the infrastructure asset class, offering institutional investors fund of funds, co-investment and secondary strategies with global, diversified exposure to unlisted infrastructure investments.

Joe Lyons, Nancy Mangraviti, Matthew McPhee and Whit Porter have joined RBC GAM to launch this new initiative. The team comes together from State Street Global Advisors, Macquarie and Bank of America; all had previously worked together at SSGA.

John Montalbano, chief executive of RBC Global Asset Management, said: "Financial firms and institutional clients are showing increased interest in infrastructure as an asset class due to its distinct investment characteristics of long-lived assets and inflation-linked, stable operating cash flows."