RBC Asset Management Inc. August sales resultsPersonal investors stay the course in mutual funds
TORONTO, September 5, 2007 — Despite increased
volatility in global equity and fixed income markets, personal
investors stayed the course with their investments in mutual
funds, as reflected in RBC Asset Management's August sales
results.
RBC Asset Management Inc. today announced August net long-term
fund sales of $51 million. Money market funds had net redemptions
of $115 million for a total of $64 million in overall net
redemptions for the month. Money market redemptions were primarily
in non-personal accounts and the flows into money market funds
were modestly positive for personal investors. RBC Asset Management
net sales results for the 12 months ended August 31, 2007
were $7.3 billion, including $6.2 billion in long-term net
sales and $1.1 billion in money market net sales. Assets under
management have increased by $12.2 billion or 18 per cent
over the same period.
Earlier in August, RBC Asset Management announced that all
asset-backed commercial paper owned in RBC Money Market Funds
is through conduits sponsored by the other four major Canadian
chartered banks and has not been impacted by the recent liquidity
issues in money markets.
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 and has over $83 billion in assets under management.
The RBC Asset Management 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 assets under management.
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Media contacts:
Rina Cortese, RBC Wealth Management, (416) 974-6970
Jackie Braden, RBC Media Relations, (416) 974-2124
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