TORONTO, August 3, 2012 – RBC Global Asset Management Inc. today announced July net sales of $120 million. Long-term funds had net sales of $499 million and money market funds had net redemptions of $379 million. Assets under management increased by 0.4 per cent.
"Although the summer is a typically slower sales period, we experienced one of our best Julys on record in terms of long-term fund net sales. As such, we continued to capture a significant portion of industry sales," said Doug Coulter, president of RBC Global Asset Management Inc. "The ongoing trend of investors and advisors seeking yield remained a strong theme. As a result, the RBC Monthly Income Bond Fund saw a steady increase of flows over the course of the month, placing it among our top-selling funds."
Sales results information is based on preliminary data from the Investment Funds Institute of Canada (IFIC).
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC), and includes institutional money managers BlueBay Asset Management, Phillips, Hager & North Investment Management and RBC Global Asset Management (U.S.). RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through exchange-traded funds, hedge funds, mutual funds, pooled funds, separate 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$560 billion of assets under administration, more than C$322 billion of assets under management and approximately 4,300 financial consultants, advisors, private bankers and trust officers.