RBC Asset Management Inc. and Phillips, Hager & North
May sales results
TORONTO, June 3, 2008 — RBC Asset Management
Inc. (RBC AM) announced May net sales of $1.3 billion. Money
market funds had net sales of $1.0 billion and long term funds
had net sales of $278 million. Assets under management increased
by $2.9 billion, or three per cent, in May.
Phillips, Hager & North (PH&N) announced May net
redemptions of $108 million. Money market funds had net redemptions
of $62 million and long term funds had net redemptions of
$46 million. Assets under management increased by $0.2 billion,
one per cent, in May.
RBC AM and PH&N announced combined May net sales of $1.2
billion and assets under management now total $111.2 billion
at May 31, 2008.
"It was encouraging to see a noticeable pick up in flows
into long-term funds in the second half of May," said
Brenda Vince, president, RBC Asset Management.
Net sales of risk-managed portfolio solutions totalled $253
million in May and now exceed $18 billion in assets under
management. Top selling individual funds included the Tax
Managed Return Fund with $24 million in net sales and Canadian
Bond Index Fund with $11 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 $111 billion
in retail mutual fund assets under management and an additional
$56 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.
RBC AM provides a broad range of investment services to investors
through mutual funds, pooled funds and separately managed
Phillips, Hager & North Investment Management Ltd. is
a leader in the provision
of investment management services to pension plans, endowments
and private clients.
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.
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For more information, please contact:
PH&N Communications, (604) 408-6009
RBC Wealth Management Communications, (416) 974-6970
RBC, Media Relations, (416) 974-2124