TORONTO, May 4, 2011 — RBC Global Asset Management Inc. (RBC GAM) announced April net sales of $297 million. Long-term funds had net sales of $614 million and money market funds had net redemptions of $317 million. Assets under management increased by $500 million or 0.4 per cent.
“Coming out of RRSP season, April proved to be a record month, as long-term mutual fund net sales exceeded all other previous April sales results. We continued to be an industry leader with strong inflows across our diverse lineup of funds,” said Doug Coulter, president of RBC Global Asset Management Inc. “Advisors and investors appeared to continue favouring yield and, as a result, the PH&N Monthly Income Fund remained one of our top-selling funds.”
The top selling RBC Funds and PH&N Funds for April included RBC Select Portfolios, PH&N Monthly Income Fund, RBC Managed Payout Solutions, RBC Canadian Dividend Fund, and RBC $U.S. Income Fund.
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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 approximately $250 billion in assets and have almost 1,000 employees located across Canada, the United States, Europe and Asia. 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 approximately $550 billion of assets under administration, $300 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.