RBC Asset Management Inc. and Phillips, Hager & North
January sales results
TORONTO, February 3, 2009 — RBC Asset Management Inc. (RBC AM)
and Phillips, Hager & North (PH&N) announced January
net sales of $1.3 billion. Money market funds had net sales
of $1.4 billion and long term funds had net redemptions of
$117 million. Assets under management decreased by $1.1 billion,
or 1.2 per cent, in January.
"In the current environment, we are encouraged by the
upward trend in net sales over the past quarter," said
Doug Coulter, president of RBC AM. "RBC Asset Management
continues to see strong retention of client assets in long-term
mutual funds, a testament to the first-class client support
and advice RBC provides through all market cycles. While new
sales of long term mutual funds have slowed, we are confident
that our product line-up offers value, choice and transparency
that will attract investors as market sentiment and investor
confidence improves."
About RBC Asset Management, Phillips, Hager & North
and RBC Wealth Management
Combined, RBC Asset Management Inc. (RBC AM) and Phillips,
Hager & North Investment Management Ltd. (PH&N) have
$91 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.
RBC AM and PH&N are 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 nearly $500 billion of assets
under administration, more than C$220 billion of assets under
management and more than 4,000 financial consultants, advisors,
private bankers and trust officers.
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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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