RBC Asset Management announces proposed changes to RBC Funds
TORONTO, April 17, 2009 — RBC Asset Management
Inc. today announced proposals to change the investment objectives
of the RBC Canadian Diversified Income Trust Fund and the
RBC DS North American Focus Fund, subject to unitholder approval.
RBC Canadian Diversified Income Trust Fund
It is proposed that the investment objective be amended to
permit the fund to increase its investments in common and
preferred shares of Canadian companies that pay dividends.
The proposed change will provide the fund with a larger universe
of investment opportunities, including real estate investment
trusts and income trusts, and will allow the fund to continue
to provide a high level of monthly cash flow with the potential
for modest capital growth. The fund will be renamed the RBC
Canadian Equity Income Fund.
RBC DS North American Focus Fund
The RBC DS North American Focus Fund is one of a group of
funds distributed exclusively through RBC Dominion Securities
Inc. It is proposed that the investment objective be amended
to permit the fund to invest primarily in equity securities
of U.S. companies in order to provide targeted exposure to
opportunities in U.S. equity markets. The fund will be renamed
the RBC DS U.S. Focus Fund.
Approvals and Timing
RBC Asset Management will seek required unitholder approvals
at special meetings to be held on or about June 26, 2009 in
Toronto, Ontario. Notice of the meetings and the management
information circulars with full details of the proposals will
be mailed on or about June 2, 2009 to unitholders of record
on May 19, 2009.
If the necessary approvals are received the proposed changes
to investment objectives and the name changes will take effect
on or about July 1, 2009.
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
$94 billion in IFIC-reported mutual fund assets under management
and an additional $50 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 over $450 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:
RBC Global Asset Management Communications,
RBC Media Relations,