RBC Asset Management Inc. and Phillips, Hager & North
November sales results
TORONTO, December 2, 2008 — RBC Asset Management
Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced
November net sales of $130 million. Money market funds had
net sales of $589 million and long term funds had net redemptions
of $459 million. Assets under management decreased by $1.6 billion,
or 1.1 per cent, in November.
"It was rewarding to see RBC lead our peers in market
share growth for the year ending October 31, 2008, for both
money market and long term funds," said Brenda Vince,
President of RBC AM. "This was the result of strong money
market fund sales, continued net sales of long-term funds
and the strength of our fund performance relative to the industry.
We are pleased to see net sales in November, driven again
by strength in the sale of money market funds."
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 $92 billion
in IFIC-reported mutual fund assets under management and an
additional $49 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 over 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 Global Asset Management Communications,
RBC Media Relations, (416) 974-2124