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News Releases

 

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 officers.

- 30 -

For more information, please contact:
Chris Dotson,
RBC Global Asset Management Communications,
(604) 408-6009

Jackie Braden,
RBC Media Relations, (416) 974-2124


 



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12/02/2008 16:25:18