TORONTO, December 5, 2011 — RBC Global Asset Management Inc. (RBC GAM) announced November net sales of $195 million. Long-term funds had net sales of $340 million and money market funds had net redemptions of $145 million. Assets under management increased by 0.1 per cent.
"We continued to capture a significant portion of industry long-term mutual fund sales, as November proved to be a positive month for our diverse line-up of funds," said Doug Coulter, president of RBC Global Asset Management Inc. "Both our fund families were popular choice for investors, with our comprehensive selection of income-generating products attracting strong inflows during the market volatility. Notably, RBC Canadian Equity Income Fund was once more a top-selling fund and recently received the 2011 Canadian Investment Award for Best Canadian Dividend & Income Equity Fund."
The top selling RBC Funds and PH&N Funds for November included: RBC Select Portfolios, RBC Canadian Short-Term Income Fund, RBC Managed Payout Solutions, RBC Canadian Equity Income Fund, and RBC 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 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.