TORONTO, July 6 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced June net redemptions of $173 million. Long-term funds had net sales of $392 million and money market funds had net redemptions of $565 million. Assets under management decreased by $0.9 billion or 0.9 per cent.
"Industry flows in June recovered to seasonal levels after the decline in May," said Doug Coulter, president of RBC AM. "Our long-term mutual funds continued to see steady inflows and we maintained our top position as the industry leader for long-term net sales as a result of the strong support of advisors and investors who have consistently chosen our investment solutions."
The top selling RBC Funds(R) and PH&N Funds for the month included RBC Select Portfolios, RBC Managed Payout Solutions, PH&N Monthly Income Fund, PH&N High Yield Bond Fund, PH&N Total Return Bond Fund, PH&N Bond Fund and RBC Canadian Dividend 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. 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.
For further information: For further information: Yen To, RBC Global Asset Management Communications, 416 955-5916; Matt Gierasimczuk, RBC Media Relations, 416 974-2124