TORONTO, May 4 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced April net redemptions of $142 million. Long-term funds had net sales of $483 million and money market funds had net redemptions of $625 million. Assets under management increased by $300 million or 0.3 per cent.
"We continued to be among the industry leaders in long-term mutual fund net sales in April. Money market assets were reallocated to long-term investment strategies and other higher yielding savings alternatives, such as the RBC Investment Savings Account, which has attracted almost $7 billion since its launch in July 2009," said Doug Coulter, President of RBC AM. "Since we captured the record industry flows into our money market funds during the market downturn, we expected the redeployment to affect our total assets under management once the markets began to recover. Regardless, our long-term net sales remain robust, indicating that we continue to be the confident choice for advisors and investors."
The top selling RBC Funds(R) and PH&N Funds for the month included RBC Select Portfolios, RBC Managed Payout Solutions, RBC Canadian Dividend Fund, PH&N High Yield Bond Fund, PH&N Bond Fund and PH&N Monthly Income Fund.
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About RBC Global Asset Management and RBC Wealth Management
RBC Global Asset Management (RBC GAM) comprises RBC Asset Management Inc. (RBC AM), Phillips, Hager & North Investment Management Ltd. (PH&N) and RBC Global Asset Management (U.S.) Inc. RBC GAM group of companies manage approximately $200 billion in assets, including over $100 billion in IFIC-reported mutual fund assets in Canada as at January 31, 2010. PH&N won the Lipper Awards for "Best Overall Fund Group" in 2010 and "Best Bond Fund Family" in 2007, 2008 and 2010; RBC AM won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008. Website: www.rbcgam.com.
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 asset management and trust services through RBC partners and third-party distributors and has just under $500 billion of assets under administration, over 4,500 financial advisors and $240 billion of assets under management as at January 31, 2010.
For further information: For further information: Yen To, RBC Global Asset Management Communications, (416) 955-5916; Matt Gierasimczuk, RBC Media Relations, (416) 974-2124