RBC Asset Management announces changes to RBC Fund line-up, including management fee reductions and name changes



    TORONTO, June 27 /CNW/ - RBC Asset Management Inc. ("RBC AM") announced
today a series of changes within the RBC Funds lineup, including a reduction
in management fees, fund name changes and a change in policy for accounts
below fund minimums. These changes will be effective June 27, 2008, upon the
renewal of the RBC Funds 2008 Simplified Prospectus.

    Management fee reductions

    Effective June 27, 2008, management fees will be reduced for the Series F
and Series D units of the RBC Canadian Short-Term Income Fund and the RBC Bond
Fund.
    

    -------------------------------------------------------------------------
    RBC Funds                                                Management Fee
    -------------------------------------------------------------------------
                                                             Current   New
    -------------------------------------------------------------------------
    RBC Canadian Short-Term Income Fund - Series F            0.60%    0.50%
    -------------------------------------------------------------------------
    RBC Canadian Short-Term Income Fund - Series D            0.75%    0.65%
    -------------------------------------------------------------------------
    RBC Bond Fund - Series F                                  0.60%    0.50%
    -------------------------------------------------------------------------
    RBC Bond Fund - Series D                                  0.75%    0.65%
    -------------------------------------------------------------------------

    These changes reflect RBC AM's continued commitment to providing
value-for-money to its unit holders.

    Name changes - RBC Managed Payout Solutions

    Effective June 27, 2008, the RBC Cash Flow Portfolio, the RBC Enhanced
Cash Flow Portfolio, and the RBC Tax Managed Return Fund will change their
names as follows:

    -------------------------------------------------------------------------
    Old name                          New name - RBC Managed Payout Solutions
    -------------------------------------------------------------------------
    RBC Cash Flow Portfolio           RBC Managed Payout Solution
    -------------------------------------------------------------------------
    RBC Enhanced Cash Flow Portfolio  RBC Managed Payout Solution - Enhanced
    -------------------------------------------------------------------------
    RBC Tax Managed Return Fund       RBC Managed Payout Solution - Enhanced
                                       Plus
    -------------------------------------------------------------------------
    

    These are name changes only and the investment strategies of the funds
have not changed. These new names more clearly express what these funds offer
to investors - a comprehensive solution that combines an active investment
approach with a strategy to produce tax-efficient monthly payouts.

    RBC Premium Money Market Fund and RBC Premium $U.S. Money Market Fund -
    accounts below fund minimums

    The disclosure in the RBC Funds 2008 Simplified Prospectus has been
amended to allow RBC AM, without notice, to switch units of the RBC Premium
Money Market Fund and the RBC Premium $U.S. Money Market Fund to the same
series of units of the RBC Canadian Money Market Fund and the RBC $U.S. Money
Market Fund respectively. Previously, when these account balances fell below
the required minimum, units of these funds could only be redeemed, without
notice, for cash.

    About Global Asset Management and RBC Wealth Management

    Global Asset Management comprises RBC Asset Management Inc. (RBC AM),
Phillips, Hager & North Investment Management Ltd. (PH&N) in Canada and
Voyageur Asset Management Inc. in the U.S. Combined, RBC AM and PH&N have
$111 billion in IFIC-reported mutual fund assets under management and an
additional $56 billion in other institutional and private client assets under
management. RBC AM and PH&N received the Lipper Awards for "Best Overall Fund
Group" and "Best Bond Family" in Canada respectively for the second
consecutive year in 2008.
    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 also provides asset management
and trust products and services directly and through RBC and third-party
distributors to all client segments, and has $500 billion of assets under
administration, more than $240 billion of assets under management and more
than 4,000 financial consultants, advisors, private bankers and trust
officers.





For further information:

For further information: Media contacts: Chris Dotson, RBC Asset
Management and PH&N Communications, (604) 408-6009 or mobile (604) 418-5424;
Rina Cortese, RBC Wealth Management, (416) 974-6970; Jackie Braden, RBC, Media
Relations, (416) 974-2124


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