RBC Global Asset Management Inc. Announces Unitholder Approval of Changes to Two Funds
TORONTO, November 25, 2011 RBC Global Asset Management Inc. today announced that unitholders have approved the changes to the investment objectives of RBC North American Dividend Fund and PH&N High Yield Bond Fund. Changes will be effective Monday, November 28, 2011.
Details of the changes are as follows:
RBC North American Dividend Fund
Unitholders approved an amendment to the fund's investment objectives that would permit the fund to fully invest its assets in common and preferred shares of U.S. companies with above average dividend yields. The change is expected to provide the fund with targeted exposure to opportunities in U.S. equity markets. Additionally, the fund will be renamed RBC U.S. Dividend Fund effective Monday, November 28, 2011.
PH&N High Yield Bond Fund
Unitholders approved an amendment to the fund's investment objectives that would permit the fund to invest primarily in a well-diversified portfolio of fixed income securities issued by Canadian and/or foreign governments and corporations. The change will provide the fund with a larger universe of investment opportunities and will allow the fund to continue to provide a high level of income with the potential for capital growth.
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 more than $250 billion in assets and have approximately 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 over $525 billion of assets under administration, over $310 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