TORONTO, June 2 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced May net redemptions of $699 million. Long-term funds had net sales of $158 million and money market funds had net redemptions of $857 million. Assets under management decreased by $2.9 billion or 2.9 per cent.
"Although industry sales slowed in May, we continued to see inflows into our long-term mutual funds and remained among the leaders in long-term net sales," said Doug Coulter, president of RBC AM. "Advisors and investors appeared to favour balanced and income-oriented investments as part of their recovery strategy. Of note, the PH&N Monthly Income Fund has been a consistently popular choice, attracting more than $200 million in assets since the beginning of this year."
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, RBC Canadian Dividend Fund, RBC North American Value Fund, and PH&N Inflation-Linked Bond 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