RBC Asset Management Inc. and Phillips, Hager & North
July sales results
TORONTO, August 5, 2008 — RBC Asset Management
Inc. (RBC AM) announced July net sales of $917 million. Money
market funds had net sales of $744 million and long term funds
had net sales of $173 million. Assets under management decreased
by $0.8 billion, or 0.9 per cent, in July.
Phillips, Hager & North (PH&N) announced July net
redemptions of $239 million. Money market funds had net redemptions
of $5 million and long term funds had net redemptions of $234
million. Assets under management decreased by $0.4 billion,
or 2.1 per cent, in July.
RBC AM and PH&N announced combined July net sales of
$678 million and assets under management total $108 billion
at July 31, 2008.
Net sales of risk-managed portfolio solutions totalled $178
million in July. The top selling individual fund was the recently
renamed RBC Managed Payout Solution - Enhanced Plus with $31
million in net sales.
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 $108 billion
in IFIC-reported mutual fund assets under management and an
additional $55 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 Wealth Management Communications,
RBC, Media Relations,