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News Releases


RBC completes acquisition of Phillips, Hager & North Investment Management

Combined Asset Management strength to benefit clients

TORONTO and VANCOUVER, May 1, 2008 — Royal Bank of Canada (RY on TSX and NYSE) today announced completion of its acquisition of Phillips, Hager & North Investment Management Ltd. (PH&N). The acquisition creates the largest retail mutual fund company in Canada with more than $105 billion in mutual fund assets under management as at
March 31, 2008.

In addition to forming Canada's largest retail mutual fund company, the combination of PH&N's Discretionary Private Client business and RBC Private Counsel creates one of the largest private client investment counselling businesses in Canada, with market strengths coast-to-coast, and notably in Western Canada. RBC also becomes one of the top five managers in the Canadian institutional market for defined benefit and defined contribution pension plans, and a leading provider to endowments and foundations.

"By leveraging the respective strengths of RBC and PH&N, we will be in a position to better serve the needs of our institutional, discretionary and mutual fund clients," said John Montalbano, who became chief executive officer of RBC Asset Management today. In this role, which was previously held by George Lewis, Group Head of RBC Wealth Management, Mr. Montalbano will lead the combined asset management business.

The transition is expected to create significant benefits for clients in terms of advice, expertise and investment options. Both the RBC Asset Management and PH&N brands will continue within the combined organization.

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) and Voyageur Asset Management Inc.

RBC AM provides a broad range of investment services to investors through mutual funds, pooled funds and separately managed portfolios, and has over $92 billion in assets under management. RBC AM received the Lipper Award for "Best Overall Fund Group" in Canada for the second consecutive year in 2008. Four individual funds also won Lipper awards this year. For further information regarding RBC AM, visit www.rbcam.com.

Founded in Vancouver in 1964 and headquartered there, Phillips, Hager & North Investment Management Ltd. employs 300 staff and has almost $68 billion of assets under management. PH&N was presented with seven Lipper awards for 2008, including - for the second year in a row - Best Bond Fund Family. For further information regarding PH&N, visit www.phn.com.

Founded in 1983, Voyageur Asset Management Inc. is an SEC-registered investment adviser headquartered in Minneapolis, MN. It is an institutional asset management company with US$34 billion in AUM, offering equity and fixed income investment strategies.

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, and provides asset management and trust products and services directly and through RBC partners and third-party distributors. RBC Wealth Management has nearly $500 billion of assets under administration, more than
$230 billion of assets under management, and more than 3,600 financial consultants, advisors, private bankers and trust officers.

- 30 -

Media Inquiries should be directed to:

Phillips, Hager & North Investment Management Ltd.
Chris Dotson,
Vice President, Phillips, Hager & North Investment Management Ltd.

Beja Rodeck,
Director, Media & Public Relations, RBC,

Rina Cortese,
Communications, RBC Wealth Management, Canada,


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05/01/2008 16:02:57