TORONTO, August 5, 2010 — RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced July net redemptions of $22 million. Long-term funds had net sales of $239 million and money market funds had net redemptions of $261 million. Assets under management increased by $2.2 billion or 2.2 per cent.
“Advisors and investors appeared to favour dividend and income investment solutions in July,” said Doug Coulter, president of RBC AM. “We remained the industry leader for long-term mutual fund net sales and continued to see steady inflows across our diverse line-up of funds. The PH&N Monthly Income Fund has been a strong choice for income seeking clients and has captured more than $346 million of assets in less than a year.”
The top selling RBC Funds® and PH&N Funds for the month included RBC Select Portfolios, PH&N High Yield Bond Fund, RBC Managed Payout Solutions, PH&N Monthly Income Fund, RBC Canadian Dividend Fund and PH&N Bond Fund.
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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. 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.