TORONTO, August 4, 2011 RBC Global Asset Management Inc. (RBC GAM) announced July net sales of $164 million. Long-term funds had net sales of $332 million and money market funds had net redemptions of $168 million. Assets under management decreased by 1.0 per cent.
"Although July showed the same slowing industry sales trend of June, we continued to see inflows into our diverse line-up of long-term funds. As a result, we maintained our market position as an industry leader in long-term mutual fund net sales," said Doug Coulter, president of RBC Global Asset Management Inc. "The ongoing trend of investors and advisors favouring balanced and income-oriented investment solutions remained a strong theme. This proved positive for the BlueBay Global Monthly Income Bond Fund, which attracted $24 million in assets since its launch on July 11."
The top selling RBC Funds and PH&N Funds for July included: RBC Select Portfolios, PH&N Bond Fund, RBC Managed Payout Solutions, PH&N Monthly Income Fund and BlueBay Global Monthly Income Bond Fund.
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 $535 billion of assets under administration, over $300 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.