RBC Asset Management Inc. and Phillips, Hager & North
April sales results
TORONTO, May 4, 2010 RBC Asset Management
Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced
April net redemptions of $142 million. Long-term funds had
net sales of $483 million and money market funds had net redemptions
of $625 million. Assets under management increased by $300
million or 0.3 per cent.
"We continued to be among the industry leaders in long-term
mutual fund net sales in April. Money market assets were reallocated
to long-term investment strategies and other higher yielding
savings alternatives, such as the RBC Investment Savings Account,
which has attracted almost $7 billion since its launch in
July 2009," said Doug Coulter, President of RBC AM. "Since
we captured the record industry flows into our money market
funds during the market downturn, we expected the redeployment
to affect our total assets under management once the markets
began to recover. Regardless, our long-term net sales remain
robust, indicating that we continue to be the confident choice
for advisors and investors."
The top selling RBC Funds® and PH&N Funds for the
month included RBC Select Portfolios, RBC Managed Payout Solutions,
RBC Canadian Dividend Fund, PH&N High Yield Bond Fund,
PH&N Bond Fund and PH&N Monthly Income Fund.
Please read the prospectus before investing. There may be
commissions, trailing commissions, management fees and expenses
associated with mutual fund investments. Mutual funds are
not guaranteed, their values change frequently and past performance
may not be repeated.
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 RBC Global Asset Management
(U.S.) Inc. RBC GAM group of companies manage approximately
$200 billion in assets, including over $100 billion in IFIC-reported
mutual fund assets in Canada as at January 31, 2010. PH&N
won the Lipper Awards for "Best Overall Fund Group"
in 2010 and "Best Bond Fund Family" in 2007, 2008
and 2010; RBC AM won the Lipper Awards for "Best Bond
Fund Family" in 2009 and "Best Overall Fund Group"
in 2007 and 2008. Website: www.rbcgam.com.
RBC Global Asset Management 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.
RBC Wealth Management provides asset management and trust
services through RBC partners and third-party distributors
and has just under $500 billion of assets under administration,
over 4,500 financial advisors and $240 billion of assets under
management as at January 31, 2010.
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For more information, please contact:
RBC Global Asset Management Communications, 416-955-5916
RBC Media Relations, 416 974-2124