TORONTO, January 5, 2012 — RBC Global Asset Management Inc. (RBC GAM) announced December net sales of $250 million. Long-term funds had net sales of $415 million and money market funds had net redemptions of $165 million. Assets under management increased by 0.3 per cent.
“At the close of our strongest year to date for long-term sales, the month of December remained positive for our diverse line-up of funds. We continued to capture a significant portion of industry long-term mutual fund sales,” said Doug Coulter, president of RBC Global Asset Management Inc. “RBC Portfolio Solutions, along with our Fixed Income and Equity Income offerings, remain popular choices among investors and advisors seeking balanced and income generating products.”
The top selling RBC Funds and PH&N Funds for December included: RBC Select Portfolios, RBC Canadian Short-Term Income Fund, PH&N Short Term Bond & Mortgage Fund, PH&N Bond Fund, and RBC Canadian Equity Income 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 approximately $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$305 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.