TORONTO, November 3, 2011 — RBC Global Asset Management Inc. (RBC GAM) announced October net sales of $28 million. Long-term funds had net sales of $198 million and money market funds had net redemptions of $170 million. Assets under management increased by 2.7 per cent.
“Although markets remained volatile in October, we experienced a positive month and continued to capture a significant portion of industry long-term mutual fund sales,” said Doug Coulter, president of RBC Global Asset Management Inc. “Our income-oriented products saw strong inflows as a result of investors and advisors continuing to look for yield in this low interest rate environment. During the month, the RBC Canadian Equity Income Fund reached more than $760 million in assets under management – a great way to mark the fund’s fifth anniversary.”
The top selling RBC Funds and PH&N Funds for October included: RBC Select Portfolios, RBC Managed Payout Solutions, RBC Canadian Equity Income 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 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 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 billion of assets under administration, more than C$310 billion of assets under management and approximately 4,500 financial consultants, advisors, private bankers and trust officers.