TORONTO, Jan. 13 /CNW/ - RBC Asset Management Inc. announced today that
the management expense ratio (MER) for the RBC Target 2010 Education Fund will
be reduced from 1.55 per cent to 1.00 per cent effective January 1, 2009.
The RBC Target Education Funds gradually shift their asset mix from an
emphasis on equity funds to drive growth in their early years to fixed income
and money market funds as their target date approaches and capital
preservation becomes key. The result is an asset mix that evolves over time,
becoming more conservative as a child's target education date approaches. As
each RBC Target Education Fund becomes more conservative, the MER for that
fund is reduced to reflect the more conservative asset mix.
There are no changes to the MERs for the RBC Target 2015, 2020 or 2025
Education Funds at this time.
About RBC Global Asset Management and RBC Wealth Management
RBC 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 $92
billion in IFIC-reported mutual fund assets under management and an additional
$48 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
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 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 nearly $500
billion of assets under administration, more than $220 billion of assets under
management and more than 4,000 financial consultants, advisors, private
bankers and trust officers.
For further information:
For further information: Media contacts: Chris Dotson, RBC Global Asset
Management Communications, (604) 408-6009; Stephanie Lu, RBC Media Relations,