RBC Asset Management Inc. and Phillips, Hager & North
August sales results
TORONTO, September 3, 2008 — RBC Asset Management
Inc. (RBC AM) announced August net sales of $560 million.
Money market funds had net sales of $462 million and long
term funds had net sales of $98 million. Assets under management
increased by $1.6 billion, or 1.8 per cent, in August.
Phillips, Hager & North (PH&N) announced August net
redemptions of $128 million. Money market funds had net redemptions
of $63 million and long term funds had net redemptions of
$65 million. Assets under management increased by $0.2 billion,
or 0.9 per cent, in August.
RBC AM and PH&N announced combined August net sales of
$432 million and assets under management total $110 billion
at August 31, 2008.
Net sales of risk-managed portfolio solutions totalled $121
million in August. The top selling individual fund was the
RBC Select Balanced Portfolio with $32 million in net sales.
About Global Asset Management and RBC Wealth Management
Global Asset Management comprises RBC Asset Management Inc.
(RBC AM), Phillips, Hager & North Investment Management
Ltd. (PH&N) in Canada and Voyageur Asset Management Inc.
in the U.S. Combined, RBC AM and PH&N have $110 billion
in IFIC-reported mutual fund assets under management and an
additional $55 billion in other institutional and private
client assets under management. RBC AM and PH&N received
the Lipper Awards for "Best Overall Fund Group"
and "Best Bond Family" in Canada respectively for
the second consecutive year in 2008.
Global 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.
RBC Wealth Management also provides asset management and trust
products and services directly and through RBC and third-party
distributors to all client segments, and has C$500 billion
of assets under administration, more than C$240 billion of
assets under management and more than 4,000 financial consultants,
advisors, private bankers and trust officers.
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For more information, please contact:
RBC Asset Management and PH&N Communications,
RBC Wealth Management Communications,