TORONTO, September 6, 2011 — RBC Global Asset Management Inc. (RBC GAM) announced August net sales of $21 million. Long-term funds had net sales of $137 million and money market funds had net redemptions of $116 million. Assets under management decreased by 1.5 per cent.
“Despite market volatility during the month of August, our diverse line-up of funds saw positive inflows as we maintained our position as an industry leader in long-term mutual fund net sales,” said Doug Coulter, president of RBC Global Asset Management Inc. “The active risk management and diversification of RBC Portfolio Solutions continued to appeal to advisors and investors who favoured balanced and risk-adjusted investment solutions.”
The top selling RBC Funds and PH&N Funds for August included: RBC Select Portfolios, PH&N Bond Fund, PH&N Monthly Income Fund, and PH&N Short Term Bond & Mortgage 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 approximately 1,000 employees located across Canada, the United States, Europe and Asia.
RBC Global Asset Management is part of RBC Wealth Management which is one of the world’s top 10 largest wealth managers. RBC Wealth Management directly serves affluent, high-net-worth and ultra high net worth clients in Canada, the United States, Latin America, Europe, the Middle East, Africa and Asia with a full suite of banking, 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, through its RBC Global Asset Management business (which includes BlueBay Asset Management). RBC Wealth Management has more than C$525 billionof assets under administration, more than C$310 billionof assets under management and approximately 4,500 financial consultants, advisors, private bankers and trust officers.