TORONTO, October 6, 2010 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced September net sales of $49 million. Long-term funds had net sales of $422 million and money market funds had net redemptions of $373 million. Assets under management increased by $2.7 billion or 2.7 per cent.
"September marked another positive month for RBC Global Asset Management and we continued to lead the industry in year-to-date long-term mutual fund net sales with our two fund families, RBC Funds and PH&N Funds," said Doug Coulter, president of RBC Asset Management Inc. "The appetite for yield continued to show strength during the month, as advisors and investors appeared to favour income solutions. As such, we were pleased to announce the upcoming launch of the RBC High Yield Bond Fund for purchase on October 12th. The fund will provide exceptional choice for investors, drawing on the time-tested expertise of Frank Gambino and his veteran high yield bond team."
The top selling RBC Funds® and PH&N Funds for September included RBC Select Portfolios, PH&N Monthly Income Fund, RBC Managed Payout Solutions, PH&N High Yield Bond Fund, and PH&N Short Term Bond & Mortgage 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. 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.
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 more than $490 billion of assets under administration, nearly $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
Elyse Lalonde, RBC Media Relations, 416 974-8810