TORONTO, Dec. 3 /CNW/ - RBC Asset Management Inc. (RBC AM) and Phillips, Hager & North (PH&N) announced November net redemptions of $501 million. Money market funds had net redemptions of $1.2 billion and long-term funds had net sales of $653 million. Assets under management increased by $1.6 billion, or 1.6 per cent, in November.
"Long-term fund sales continued to show strength in November," said Doug Coulter, RBC AM President. "Most notably we saw a diverse mix of inflows into our equity and fixed income investments, such as our RBC Select Portfolios and PH&N High Yield Bond Fund, as investors continued to seek out yield as well as growth opportunities."
PH&N High Yield Bond Fund was ranked the top fund in the High Yield Fixed Income Fund category at the 2009 Canadian Investment Awards, one of two winners and six finalists among RBC and PH&N Funds.
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 over $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 $490 billion of assets under administration, more than $240 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