RBC Asset Management Inc. and Phillips, Hager & North
September sales results
TORONTO, October 2, 2008 — RBC Asset Management
Inc. (RBC AM) announced September net redemptions of $1.2
billion. Money market funds had net redemptions of $1.0 billion
and long term funds had net redemptions of $148 million. Assets
under management decreased by $7.1 billion, or 7.8 per cent,
Phillips, Hager & North (PH&N) announced September
net redemptions of $97 million. Money market funds had net
redemptions of $22 million and long term funds had net redemptions
of $75 million. Assets under management decreased by $1.4
billion, or 7.4 per cent, in September.
RBC AM and PH&N announced combined September net redemptions
of $1.3 billion and assets under management total $102 billion
at September 30, 2008.
"Over the past year, RBC Asset Management has attracted
a significant portion of the industry's net inflows into money
market funds," said Brenda Vince, president of RBC AM.
"We now seem to have reached a point where at least some
advisors and institutions are redeploying their cash back
into the market. In addition, we know that there are always
liquid assets looking for the best rate available and that
there are some very attractive GIC rates being offered at
"At the same time, we are encouraged by the strength
we continue to see in our sales of risk-managed portfolio
Net sales of portfolio solutions totaled $50 million in September.
About Global Asset Management and RBC
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 $102 billion
in IFIC-reported mutual fund assets under management and an
additional $52 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
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For more information, please contact:
RBC Asset Management and PH&N Communications,
RBC Media Relations,