TORONTO, Sept. 3 /CNW/ - RBC Asset Management Inc. (RBC AM) announced
August net sales of $560 million. Money market funds had net sales of
$462 million and long term funds had net sales of $98 million. Assets under
management increased by $1.6 billion, or 1.8 per cent, in August.
Phillips, Hager & North (PH&N) announced August net redemptions of
$128 million. Money market funds had net redemptions of $63 million and long
term funds had net redemptions of $65 million. Assets under management
increased by $0.2 billion, or 0.9 per cent, in August.
RBC AM and PH&N announced combined August net sales of $432 million and
assets under management total $110 billion at August 31, 2008.
Net sales of risk-managed portfolio solutions totalled $121 million in
August. The top selling individual fund was the RBC Select Balanced Portfolio
with $32 million in net sales.
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
$110 billion in IFIC-reported mutual fund assets under management and an
additional $55 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 C$500 billion of assets under
administration, more than C$240 billion of assets under management and more
than 4,000 financial consultants, advisors, private bankers and trust
For further information:
For further information: Chris Dotson, RBC Asset Management and PH&N
Communications, (604) 408-6009; Rina Cortese, RBC Wealth Management
Communications, (416) 974-6970