RBC Asset Management Inc. and Phillips, Hager & North
July Sales Results
TORONTO, August 5, 2009 — RBC Asset Management
Inc. (RBC AM) and Phillips, Hager & North Investment Management
Ltd. (PH&N) announced July net redemptions of $1.7 billion.
Money market funds had net redemptions of $2.3 billion and
long-term funds had net sales of $516 million. Assets under
management decreased by $0.1 billion or 0.1 per cent in July.
We are pleased to see that the sales trend of long-term
funds remains strong, said Doug Coulter, president of
RBC AM. At the same time, investors continue to reallocate
their money market fund holdings as they consider the merits
of other investment opportunities in the current market, including
the new RBC Investment Savings Account.
About RBC Global Asset Management and
RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Asset
Management Inc. (RBC AM), Phillips, Hager & North Investment
Management Ltd. (PH&N) and Voyageur Asset Management Inc.
Combined, RBC GAM's component companies manage C$102 billion
in IFIC-reported mutual fund assets in Canada and an additional
C$87 billion in other institutional and private client assets
in Canada and the United States. RBC AM won the Lipper Awards
for "Best Bond Fund Family" in 2009 and "Best
Overall Fund Group" in 2007 and 2008; PH&N won for
"Best Bond Fund Family" in 2007 and 2008. Website:
RBC GAM 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 with a full suite of
investment, trust and other wealth management solutions. The
business also provides asset management products and services
directly and through RBC and third-party distributors to institutional
and individual clients, and has more than $480 billion of
assets under administration, more than $230 billion of assets
under management and nearly 4,500 financial consultants, advisors,
private bankers and trust officers.
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For more information, please contact:
RBC Global Asset Management Communications,
Matt Gierasimczuk, RBC Media Relations,