TORONTO, January 5, 2010 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced December 2009 net redemptions of $719 million. Money market funds had net redemptions of $1.2 billion and long-term funds had net sales of $444 million. Assets under management increased by $0.4 billion, or 0.4 per cent, in December.
“We saw strong sales results for our long-term mutual funds in December,” said Doug Coulter, president of RBC AM. “Investors appear to be moving off the sidelines and taking a ‘back-to-basics’ approach, as they redeploy their money into balanced and risk-adjusted investments like RBC Portfolio Solutions, which has been a consistently popular product in the last few months.”
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’s component companies manage approximately CAD$200 billion in assets in Canada and the United States, including over $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, almost $250 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.