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RBC Global Asset Management Inc. Receives Multiple Distinctions at 2014 Morningstar Awards

Phillips, Hager & North Named Fixed Income Manager of the Year

TORONTO, November 27, 2014 – RBC Global Asset Management Inc. (RBC GAM Inc.) was awarded multiple distinctions at the 20th annual Morningstar Awards, an event that recognizes companies and individuals that have delivered superior investment management to investors.

Phillips, Hager & North Investment Management (PH&N) was named Morningstar Fixed Income Manager of the Year. PH&N also received this recognition in 2012.

"We are incredibly honoured to be recognized amongst our industry peers," said John Montalbano, CEO of RBC GAM Inc. "At RBC Global Asset Management, we have a culture of keeping our clients at the forefront of everything we do. These awards not only highlight our fund management teams' dedication to this purpose, but also reflect the investments we make in our people and technology to continually enhance the value we offer."

The Morningstar Fixed Income Manager of the Year is determined by a jury of analysts who consider a broad range of factors, including fund performance across the entire line-up of funds, quality of the products offered, strength of the fund management teams, effectiveness of the firm's communications and fee competitiveness.

In addition to this top award, multiple RBC Funds and PH&N Funds were recognized in individual fund categories.

Fund Category Fund Award Previous Wins CIFSC Category
Best Canadian Dividend & Income Equity Fund RBC Canadian Equity Income Fund Winner 2011, 2013 Canadian Dividend & Income Equity
Best Canadian Fixed-Income Fund PH&N Total Return Bond Fund Winner 2007, 2013 Canadian Fixed Income
Best Canadian Income Pooled Fund PH&N Enhanced Total Return Bond Fund Winner Canadian Fixed Income
Best Multi-Strategy or Fund of Hedge Funds PH&N Absolute Return Fund Winner 2010, 2012, 2013 Alternative Strategies
Best Canadian Equity Fund PH&N Vintage Fund Finalist Canadian Equity Fund
Best Emerging Markets Equity Fund RBC Emerging Markets Equity Fund Finalist 2013 Emerging Markets Equity
Best Global Fixed Income Fund RBC Global Corporate Bond Fund Finalist 2011, 2012 Global Fixed Income
Best High Yield Fixed Income Fund PH&N High Yield Bond Fund Finalist 2011 High Yield Fixed Income
Best High Yield Fixed Income Fund RBC Emerging Markets Bond Fund Finalist High Yield Fixed Income
Best U.S. Equity Pooled Fund RBC O'Shaughnessy US Value Fund Finalist U.S. Equity

"These awards reflect the skill and depth of our investment management teams, who continue to deliver exceptional investment results day in, day out," said Dan Chornous, CIO of RBC GAM Inc. "I would also like to thank our clients – advisors and investors across Canada – for their continued confidence in our investment management approach."

To be considered for an individual fund award, investment funds must meet stringent criteria. Panels of industry experts review the quantitative performance of a fund on an absolute and relative basis, as well as various measures of risk and diversification benefits. The panels also weigh qualitative factors such as management quality, capacity constraints and fee structure. For more information regarding Morningstar's methodology, please visit: http://www.investmentawards.com/awards/methodology

The Morningstar Awards is the only national event of its kind in Canada that reflects the collective efforts of a broad range of industry experts, advisors and investors within the Canadian financial services industry. The awards recognize leadership in the investment industry and represent a wide range of investment products, including mutual funds, exchange-traded funds, pooled funds and hedge funds.

Please read the prospectus before investing. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

Morningstar Awards 2014 (©. Morningstar, Inc. All Rights Reserved. Awarded to PH&N Fixed Income Team for 2014 Morningstar Fixed Income Manager of the Year, Canada.

About RBC Global Asset Management and RBC Wealth Management
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 and Phillips, Hager & North Investment Management. RBC GAM is a provider of global investment management services and solutions to individual, high-net-worth and institutional investors through mutual funds, exchange-traded funds, hedge funds, pooled funds, separate accounts and specialty investment strategies. RBC GAM group of companies manage more than C$350 billion in assets and have approximately 1,200 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 five 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$690 billion of assets under administration, more than C$426 billion of assets under management and approximately 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 2014. 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.

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Leah Commisso
Corporate Communications
RBC Global Asset Management
Canada and U.S.
416-955-6498
leah.commisso@rbc.com
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Matt Gierasimczuk
Corporate Communications
RBC Global Asset Management
U.S. Institutional and RBC ETFs
416-974-2124
matthew.gierasimczuk@rbc.com

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