TORONTO, April 6, 2010 RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced March net redemptions of $52 million. Long-term funds had net sales of $782 million and money market funds had net redemptions of $834 million. Assets under management increased by $1.8 billion, or 1.7 per cent, in March.
"The trend of strong long-term fund net sales continued in March," said Doug Coulter, President of RBC Asset Management. "In fact, we led the industry in long-term fund net sales over the past 12 months from March 2009 - considered the bottom of the market downturn. Our diverse range of long-term funds continues to consistently gain assets. Most notably, the RBC Select Very Conservative Portfolio that was launched in March 2009 has surpassed $800 million in assets under management and remains a confident choice for investors and advisors."
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. The sales results are based on IFIC-reported mutual fund assets in Canada as of March 31, 2010.
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 RBC Global Asset Management (U.S.) Inc. RBC GAM group of 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 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 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.
- 30 -
For more information, please contact:
RBC Global Asset Management Communications, 416-955-5916
RBC Media Relations, 416-974-2124