National instrument 81-107 now in place for RBC Funds and
RBC Private PoolsExperienced Board of Governors assumes Independent Review Committee responsibilities
TORONTO, December 1, 2006 — RBC Asset Management
today notified the Canadian Securities Administrators of its
full implementation of National Instrument 81-107, Independent
Review Committee for Investment Funds.
A nine-member Board of Governors, led by Dr. Lloyd McGinnis
O.C., Winnipeg, Chair and Michael G. Thorley, Toronto, Vice-Chair,
has been established as the independent review committee of
the RBC Funds and RBC Private Pools.
RBC Asset Management has consulted with an advisory Board
of Governors about mutual fund conflict of interest matters
since 1994. The Board of Governors has now adopted a new Charter
to fully comply with National Instrument 81-107.
In addition to Dr. McGinnis and Mr. Thorley, other continuing
members of the Board who also bring years of experience and
distinguished service to their roles are: Linda S. Petch,
Victoria; Mary C. Ritchie, Edmonton; James W. Yuel, Saskatoon;
Selwyn B. Kossuth, Mississauga; Charles F. Macfarlane, Toronto;
Elaine C. Phénix, Montréal; and Joseph P. Shannon,
Cape Breton.
RBC Asset Management and the Board of Governors also acknowledge
the valuable contribution and service of Gordon J. Feeney,
the former Chair of the advisory Board of Governors, who helped
guide the Board from its inception and through the development
stages of National Instrument 81-107. Mr. Feeney retired from
the Board of Governors in September 2006.
"As an industry leader, we are pleased to demonstrate
our continuing commitment to fund governance, and to have
such a distinguished group of Governors providing independent
oversight for the RBC Funds and RBC Private Pools," said
Brenda Vince, president of RBC Asset Management Inc.
RBC Asset Management's RBC Funds and RBC Private Pools today
represent over $68 billion of the investment savings of Canadians.
About RBC Asset Management
RBC Asset Management Inc. is an indirect, wholly owned subsidiary
of Royal Bank of Canada. RBC Asset Management Inc. provides
a broad range of investment services to investors through
mutual funds, pooled funds and separately managed portfolios.
With over $71 billion in assets under management and offices
in major financial centres around the world, RBC Asset Management
Inc. is one of Canada's largest money managers. Visit our
website at www.rbcfunds.com.
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For more information, please contact:
Kathy Bevan, Media Relations, (416) 974-8810
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