TORONTO, September 24, 2013 — RBC Global Asset Management Inc. (RBC GAM) today announced changes to RBC Private Canadian Value Equity Pool and RBC Private Canadian Growth and Income Equity Pool.
Details of the changes are as follows:
RBC Private Canadian Value Equity Pool
RBC GAM has terminated its sub-advisory relationship with Scheer, Rowlett & Associates Investment Management Ltd., the sub-advisor of RBC Private Canadian Value Equity Pool, as of the close of business on September 20, 2013.
The Pool will be merged into PH&N Canadian Equity Value Fund, managed by RBC GAM, on December 15, 2013 (the effective date). RBC GAM assumed direct investment management oversight of the Pool on September 20, 2013 to ensure a smooth transition for the merger. Units of the Pool will be exchanged on a tax-deferred basis for units of PH&N Canadian Equity Value Fund, with a net asset value on the effective date equal to the net asset value of the units tendered.
RBC GAM will suspend sales of units of the Pool as of the close of business on December 6, 2013. Investors will have the right to redeem units of the Pool up to the close of business on December 13, 2013.
Unitholders of the Pool will be sent a written notice detailing changes related to the merger at least 60 days prior to the effective date.
RBC Private Canadian Growth and Income Equity Pool
Effective September 25, 2013, RBC Private Canadian Growth and Income Equity Pool will re-open for new purchases. The Pool was capped to new investors on August 9, 2012. Re-opening the Pool will allow existing investors to add to their holdings and enable new investors to purchase units of the Pool for the first time.
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 $290 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$615 billion of assets under administration, more than C$373 billion of assets under management and over 4,400 financial consultants, advisors, private bankers, and trust officers. For more information, please visit www.rbcwealthmanagement.com.
*Scorpio Partnership Global Private Banking KPI Benchmark 2013. In the United States, securities are offered through RBC Wealth Management, a division of RBC Capital Markets, LLC, a wholly owned subsidiary of Royal Bank of Canada. Member NYSE/FINRA/SIPC.