TORONTO, January 5, 2010 RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced December 2009 net redemptions of $719 million. Money market funds had net redemptions of $1.2 billion and long-term funds had net sales of $444 million. Assets under management increased by $0.4 billion, or 0.4 per cent, in December.
"We saw strong sales results for our long-term mutual funds in December," said Doug Coulter, president of RBC AM. "Investors appear to be moving off the sidelines and taking a 'back-to-basics' approach, as they redeploy their money into balanced and risk-adjusted investments like RBC Portfolio Solutions, which has been a consistently popular product in the last few months."
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. Combined, RBC GAM's component companies manage approximately CAD$200 billion in assets in Canada and the United States, including over $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 $500 billion of assets under administration, almost $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:
RBC Global Asset Management Communications, 416-955-5916
RBC Media Relations, 416-974-2124