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RBC Global Asset Management Inc. Announces the Closure
of Two Global Sector Funds
TORONTO, April 29, 2011 - RBC Global Asset Management
Inc. (RBC GAM) announced today the upcoming closure of the
RBC Global Consumer and Financials Fund and the RBC Global
Health Sciences Fund effective end of day June 27, 2011. The
funds will be closed to new purchases effective end of day
June 20, 2011.
The funds' low levels of assets have presented challenges
to maintain the funds' integrity going forward. Unitholders
may redeem or switch their holdings in each of the Funds until
June 27, 2011, at which time any remaining units will be automatically
redeemed. In the case of registered plans or tax-free savings
accounts, the redemption proceeds will remain with the plan
or account.
About RBC Global Asset Management and
RBC Wealth Management
RBC
Global Asset Management (RBC GAM) is the asset management
division of Royal Bank of Canada (RBC) which includes institutional
money managers Phillips, Hager & North Investment Management
(PH&N), RBC Global Asset Management (U.S.) and BlueBay
Asset Management. RBC GAM is a provider of global investment
management services and solutions to individual, high net
worth and institutional investors through mutual funds, pooled
funds, hedge funds, segregated accounts and specialty investment
strategies. RBC GAM group of companies manage approximately
$250 billion in assets and have almost 1,000 employees located
across Canada, the United States, Europe and Asia.
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 approximately
$500 billion of assets under administration, $250 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:
Yen To, RBC GAM Communications, 416 955 5916
Leah Commisso, RBC GAM Media Relations, 416 955 6498
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