RBC Asset Management announces change that will lower costs, increase transparency for mutual fund investors



    TORONTO, April 10 /CNW/ - RBC Asset Management Inc. (RBC AM) today
announced that it will change the way it calculates operating expenses for
each of the RBC Funds, resulting in lower costs, compared to 2006, for the
vast majority of RBC Funds, and greater transparency for investors.
    Beginning July 1, 2007, RBC AM will pay certain operating expenses of
each of the RBC Funds, in return for a new fixed administration fee, which
will be paid by the funds to RBC AM. Expenses that will continue to be paid by
the funds include those related to the Board of Governors of the RBC Funds,
the cost of any new government or regulatory requirements and any borrowing
costs.
    "We always aim to be a leader in delivering excellent value for money to
our unitholders," said Brenda Vince, president, RBC Asset Management Inc.
"Investors will benefit, as more than 80 per cent of the RBC Funds will see
lower management expense ratios (MERs) this year, as a direct result of this
change. This is part of our ongoing commitment to unitholders and we will
continue to actively benchmark the MERs of each of the RBC Funds versus the
industry."
    As a result of this change, the MER for each series of units will be more
predictable for future years and will consist of each series' management fee,
fixed administration fee, GST and other costs (all expressed as a percentage
of the fund's average net assets for that year).
    "We are creating more transparent pricing and greater certainty for our
unitholders," said Frank Lippa, chief operating officer and chief financial
officer, RBC Asset Management Inc. "Currently MERs are variable and investors
may not know what they paid to invest until after a funds' financial
statements are issued each year. This change will make it much easier for
investors to compare the cost of investing in an RBC Fund with other
investment options."
    RBC AM referred this issue to the Board of Governors of the RBC Funds,
the group that provides independent oversight and advice to the manager, for
its review and input. The Board of Governors was of the opinion that the
proposed change will achieve a fair and reasonable result for the RBC Funds.

    Unitholder Notice

    Unitholders will receive a written notice in mid-April, as required by
securities regulations, detailing these changes. Further details and
information about the impact and fixed administration fee for each series of
individual funds are available at www.rbcam.com.
    Advisor Series units of certain funds require unitholder approval prior
to implementing this change. Unitholders of record on May 15, 2007 in Advisor
Series units of the following funds will be mailed meeting materials by
May 29. Meetings of these unitholders will be held on June 22, 2007. If
approved, this change will take effect on July 1, 2007.

    
    RBC Canadian Money Market Fund       RBC O'Shaughnessy International
                                          Equity Fund
    RBC Bond Fund                        RBC Global Titans Fund
    RBC Advisor Canadian Bond Fund       RBC O'Shaughnessy Global Equity Fund
    RBC Global High Yield Bond Fund      RBC Global Precious Metals Fund
    RBC Enhanced Cash Flow Portfolio     RBC DS Canadian Focus Fund
    RBC Balanced Fund                    RBC DS North American Focus Fund
    RBC Tax Managed Return Fund          RBC DS International Focus Fund
    RBC Canadian Dividend Fund           RBC DS Balanced Global Portfolio
    RBC Canadian Diversified             RBC DS Growth Global Portfolio
     Income Trust Fund
    RBC North American Dividend Fund     RBC DS All Equity Global Portfolio
    RBC O'Shaughnessy U.S. Value Fund
    

    About RBC Asset Management

    RBC Asset Management Inc. is an indirect, wholly owned subsidiary of
Royal Bank of Canada. RBC Asset Management Inc. provides a broad range of
investment services to investors through mutual funds, pooled funds and
separately managed portfolios. With over $78 billion in assets under
management and offices in major financial centres around the world, RBC Asset
Management Inc. is one of Canada's largest money managers. Visit our website
at www.rbcam.com.
    RBC 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, provides asset management and trust services through
RBC partners and third-party distributors and has over $500 billion of assets
under administration, 3,500 financial advisors and $150 billion of assets
under management.




For further information:

For further information: Katherine Gay, RBC Wealth Management, (416)
974-6286, katherine.gay@rbc.com; Jackie Braden, RBC, (416) 974-2124,
jackie.braden@rbc.com


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