TORONTO, May 3, 2012 RBC Global Asset Management Inc. announced April net sales of $598 million. Long-term funds had net sales of $752 million and money market funds had net redemptions of $154 million. Assets under management were unchanged.
"Despite the cyclical slow period following RRSP season, RBC Global Asset Management had record long-term sales results for the month of April. We continued to capture a significant portion of industry long-term mutual fund sales," said Doug Coulter, president of RBC Global Asset Management Inc. "As a result of investors and advisors continuing to look for yield in this low interest rate environment, our comprehensive selection of income generating products saw strong inflows. Notably, the RBC Canadian Equity Income Fund was once more our top-selling fund, gaining more than $100 million in assets during the month of April."
The top selling RBC Funds and PH&N Funds for April included: RBC Select Portfolios, RBC Canadian Equity Income Fund/Class, RBC Managed Payout Solutions, PH&N Bond Fund, and RBC High Yield Bond Fund/Class..
Sales results information is based on preliminary data from the Investment Funds Institute of Canada (IFIC).
About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC) which includes institutional money managers Phillips, Hager & North Investment Management (PH&N), RBC Global Asset Management (U.S.) and BlueBay Asset Management. RBC GAM is a provider of global investment management services and solutions to individual, high net worth and institutional investors through mutual funds, pooled funds, hedge funds, segregated accounts and specialty investment strategies. RBC GAM group of companies manage more than $250 billion in assets and have approximately 1,000 employees located across Canada, the United States, Europe and Asia.
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 over $534 billion of assets under administration, over $313 billion of assets under management and more than 4,300 financial consultants, advisors, private bankers and trust officers.
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