RBC Asset Management Inc. and Phillips, Hager & North
October sales results
TORONTO, November 3, 2009 — RBC Asset Management
Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced
October net redemptions of $884 million. Money market funds
had net redemptions of $1.4 billion and long term funds had
net sales of $477 million. Assets under management decreased
by $2.5 billion, or 2.5 per cent, in October.
"Long-term fund sales continued to be the dominant trend
in October," said Doug Coulter, president of RBC AM.
"Strong appetite for fixed income solutions translated
into robust inflows into our individual mutual funds as well
as our Portfolio Solutions, which attracted $303 million of
net sales. As investors sought additional sources of yield
combined with a conservative investment approach, the Select
Conservative Portfolio and Select Very Conservative Portfolio
proved popular, capturing over half of portfolio sales."
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 approximately
$200 billion in assets in Canada and the United States, including
$100 billion in IFIC-reported mutual fund assets in Canada.
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: www.rbcgam.com.
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
$490 billion of assets under administration, nearly $240 billion
of assets under management and more than 4,500 financial consultants,
advisors, private bankers and trust officers. RBC Wealth Management
was recognized as the Outstanding Private Bank in North America
by Private Banker International in October 2009.
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For more information, please contact:
RBC Global Asset Management Communications,
RBC Media Relations,