RBC Direct Investing clients to benefit from new tailor-made
mutual fund pricing option
TORONTO, May 29, 2007 — RBC announced today
that its online investing business, RBC Direct Investing,
will offer certain RBC Funds with a new lower-priced option
for do-it-yourself investors. A preliminary prospectus filed
by RBC Asset Management yesterday indicated that over forty
RBC Funds will be available exclusively at RBC Direct Investing
in a new Series D. Series D units will be for investors who
want to include managed money as part of their portfolios
but do the investment research and decision-making themselves.
The management fees of Series D units will range from 0.60
per cent to 1.25 per cent and investors must purchase a minimum
of $10,000 in each fund. Series D represents the first mutual
fund fee structure in Canada from a major fund company that
is tailor-made for the self-directed investor.
"We're excited to be at the forefront of this new move
in self-directed investing," said Doug Coulter, president
and CEO, RBC Direct Investing. "This pricing option should
make RBC Funds, already some of the industry's most competitive
mutual funds, even more attractive for investors who choose
to manage their own portfolios."
"As a leading provider of mutual funds in Canada, we
are pleased to be in a position where we can offer a pricing
option that is better suited to the self-directed environment,"
said Brenda Vince, president, RBC Asset Management Inc. "We
strive to continuously improve the value, choice and transparency
that we deliver to our investors, regardless of how they choose
to invest."
Series D units will be available on or about July 3, 2007.
For a list of RBC Funds that will offer Series D units, along
with the corresponding management fees, please visit www.rbcdirectinvesting.com/seriesd.
A preliminary simplified prospectus relating to Series D
units of the RBC Funds has been filed with Canadian securities
commissions or similar authorities. Purchasing Series D units
of the RBC Funds cannot commence until the relevant securities
commissions or similar authorities issue receipts for the
simplified prospectus.
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 offices in major financial centres around the world,
RBC Asset Management Inc. is one of Canada's largest money
managers.
RBC Asset Management's mutual fund family
was awarded the "Best Overall Fund Group" in Canada
for 2007 by Lipper Inc. The prestigious award is part of a
global program of events held by Lipper in 21 countries to
highlight funds and fund families that excel in delivering
consistently strong risk-adjusted performance relative to
their peers. Visit our website at www.rbcam.com.
RBC Asset Management is part of RBC Wealth management which
directly serves affluent and high net worth clients in Canada,
the United States, Latin America, Europe and Asia, provides
asset management and trust services through RBC partners and
third-party distributors and has over $500 billion of assets
under administration, 3,500 financial advisors and $150 billion
of asset under management.
About RBC Direct Investing
RBC Direct Investing, one of Canada's leading discount brokers,
is a wholly owned subsidiary of Royal Bank of Canada. RBC
Direct Investing provides a broad range of investment products,
tools and resources for investors who prefer to manage all
or a portion of their investment portfolio. Clients have access
to their investments 24/7 online or by phone and can choose
from a broad range of investment products including stocks,
bonds, GICs, T-bills and over 2,500 mutual funds. Visit our
website at www.rbcdirectinvesting.com.
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Media contacts:
Rina Cortese (416) 974-6970
Jackie Braden (416) 974-2124
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