TORONTO, Feb. 3 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced January net redemptions of $486 million. Long-term funds had net sales of $793 million and money market funds had net redemptions of $1.3 billion. Assets under management decreased by $2.2 billion, or 2.1 per cent, in January.
"In January, we saw the strongest net sales for our long-term funds since prior to the economic downturn," said Doug Coulter, president of RBC AM. "Advisors and investors continue to reallocate money market assets into investment opportunities with long-term strategies that will help in rebuilding their portfolios. As a result, the new PH&N Monthly Income Fund that was launched at the beginning of the month has already gained $35 million in assets."
The top selling RBC Funds(R) and PH&N Funds for the month included RBC Select Portfolios, RBC Canadian Dividend Fund, PH&N Short Term Bond & Mortgage Fund, PH&N High Yield Bond Fund, PH&N Total Return Bond Fund and RBC Canadian Short-Term 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 Voyageur Asset Management Inc. Combined, RBC GAM's component companies manage approximately $200 billion in assets in Canada and the United States, including nearly $100 billion in IFIC-reported mutual fund assets in Canada. RBC AM won the Lipper Awards for "Best Bond Fund Family" in 2009 and "Best Overall Fund Group" in 2007 and 2008; PH&N won for "Best Bond Fund Family" in 2007 and 2008. Website: www.rbcgam.com.
RBC GAM 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 with a full suite of investment, trust and other wealth management solutions. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, and has more than $500 billion of assets under administration, over $245 billion of assets under management and more than 4,500 financial consultants, advisors, private bankers and trust officers.
For further information: For further information: Yen To, RBC Global Asset Management Communications, (416) 955-5916; Matt Gierasimczuk, RBC Media Relations, (416) 974-2124