TORONTO, March 2, 2010 RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced February net sales of $163 million. Long-term funds had net sales of $906 million and money market funds had net redemptions of $743 million. Assets under management increased by $1.8 billion, or 1.8 per cent, in February.
"February was a tremendous month for our long-term funds," said Doug Coulter, president of RBC AM. "We saw long-term fund net sales exceed the strength previously seen in January, indicating that our investment solutions continue to be a confident choice for advisors and investors during this RRSP season. As a result, RBC Select Portfolios garnered more than $590 million in the month, while the PH&N Monthly Income Fund followed up its strong debut with net sales of $30 million, totaling more than $65 million in assets since its launch in January."
The top selling RBC Funds® and PH&N Funds for the month included RBC Select Portfolios, RBC Canadian Dividend Fund, PH&N High Yield Bond Fund, PH&N Short Term Bond & Mortgage Fund, PH&N Monthly Income Fund and RBC Canadian Short-Term Income Fund.
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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 component 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. 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 $490 billion of assets under administration, more than $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, (416) 955-5916
RBC Media Relations, (416) 974-2124