RBC Global Asset Management announces launch of RBC High
Yield Bond Fund and closes PH&N High Yield Bond Fund to
TORONTO, September 29, 2010 RBC Global
Asset Management (RBC GAM) today announced the upcoming launch
of the RBC High Yield Bond Fund and the closure of the PH&N
High Yield Bond Fund to new investors.
"We are exceptionally fortunate to have an accomplished
team of high yield bond managers whose capabilities benefit
our clients," said John Montalbano, CEO of RBC Global
Asset Management. "As we prudently cap the PH&N High
Yield Bond Fund for our existing clients, we are excited to
launch the RBC High Yield Bond Fund for new investors seeking
a conservative high yield bond investment with a focus on
opportunities beyond Canada's borders."
The RBC High Yield Bond Fund will be available for purchase
October 12, 2010. The new fund will be managed by Frank Gambino,
senior portfolio manager and investment grade and high yield
bond expert with RBC Asset Management Inc. The fund is appropriate
for long-term investors seeking a combination of income and
capital growth potential, offering diversified exposure to
high yield investment opportunities within the Canadian and
The RBC High Yield Bond Fund will be available to individual
investors through four low-cost management fee options: 0.90
per cent for Series D (for clients who invest directly through
PH&N Investment Services and RBC Direct Investing), 1.25
per cent for Series A, 1.25 per cent for Advisor Series and
0.75 per cent for Series F (available through financial advisors).
The fund is also available to institutional investors through
The PH&N High Yield Bond Fund will be closed to new investors
effective November 26, 2010. The fund has been extremely successful
since its initial launch in July 2000. Since then, it has
grown steadily in size, recently surpassing $2 billion in
assets under management.
"We have been extremely pleased with the tremendous
success of the fund over the past ten years," said Hanif
Mamdani, lead manager of the PH&N High Yield Bond Fund
and head of Alternative Investments for RBC Global Asset Management.
"We made the decision to close the fund to new investors
as a proactive measure. This will preserve future capacity
for current investors and help maintain the integrity of our
disciplined investment management approach. Existing investors
will still be able to make additional purchases in the accounts
they currently hold."
The manager may also maintain capacity for certain investors,
including funds that are managed by the firm or its affiliates.
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. John Montalbano is CEO of RBC AM and PH&N.
RBC GAM group of companies manage approximately $200 billion
in assets, including over $100 billion in IFIC-reported mutual
fund assets in Canada. 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.
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 integrated
and diversified international wealth management expertise
and solutions, asset management and trust services to high
net worth individuals and to corporate and institutional clients.
Services provided by RBC Wealth Management consultants, advisors,
private bankers and trust officers include trust and estate
planning, tax advice, discretionary investment management
and investment advisory services, structured solutions, banking,
lending and global custody. RBC Wealth Management 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.
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For more information, please contact:
RBC Global Asset Management Communications,
RBC, Media Relations, 416 974-8810