TORONTO, February 3, 2010 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced January net redemptions of $486 million. Long-term funds had net sales of $793 million and money market funds had net redemptions of $1.3 billion. Assets under management decreased by $2.2 billion, or 2.1 per cent, in January.
"In January, we saw the strongest net sales for our long-term funds since prior to the economic downturn," said Doug Coulter, president of RBC AM. "Advisors and investors continue to reallocate money market assets into investment opportunities with long-term strategies that will help in rebuilding their portfolios. As a result, the new PH&N Monthly Income Fund that was launched at the beginning of the month has already gained $35 million in assets."
The top selling RBC Funds® and PH&N Funds for the month included RBC Select Portfolios, RBC Canadian Dividend Fund, PH&N Short Term Bond & Mortgage Fund, PH&N High Yield Bond Fund, PH&N Total Return Bond Fund and RBC Canadian Short-Term 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 Voyageur Asset Management Inc. Combined, RBC GAM's component companies manage approximately $200 billion in assets in Canada and the United States, including nearly $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, over $245 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.
- 30 -
For more information, please contact:
RBC Global Asset Management Communications, 416-955-5916
RBC Media Relations, 416-974-2124