TORONTO, April 29 /CNW/ - RBC Global Asset Management Inc. (RBC GAM)
announced today the upcoming closure of the RBC Global Consumer and
Financials Fund and the RBC Global Health Sciences Fund effective end
of day June 27, 2011. The funds will be closed to new purchases
effective end of day June 20, 2011.
The funds' low levels of assets have presented challenges to maintain
the funds' integrity going forward. Unitholders may redeem or switch
their holdings in each of the Funds until June 27, 2011, at which time
any remaining units will be automatically redeemed. In the case of
registered plans or tax-free savings accounts, the redemption proceeds
will remain with the plan or account.
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) 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 almost 1,000 employees located across Canada, the United
States, Europe and Asia.
RBC Global Asset Management is part of RBC Wealth Management which directly serves affluent and high net worth clients in Canada,
the United States, Latin America, Europe and Asia. RBC Wealth
Management provides integrated and diversified international wealth
management expertise and solutions, asset management and trust services
to high net worth individuals and to corporate and
institutional clients. Services provided by RBC Wealth Management
consultants, advisors, private bankers and trust officers include trust
and estate planning, tax advice, discretionary investment management
and investment advisory services, structured solutions, banking,
lending and global custody. RBC Wealth Management has approximately
$500 billion of assets under administration, $250 billion of assets
under management and more than 4,500 financial consultants, advisors,
private bankers and trust officers.
For further information:
Yen To, RBC GAM Communications, 416 955 5916
Leah Commisso, RBC GAM Media Relations, 416 955 6498