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News Releases

 

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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02/03/2009 16:25:04